The wholesale price index (or price relative ) of rice in 2018 compared to 2014 is 150. If the cost of rice was ₹16 per kg in 2014, then per kg cost of rice in 2018 is :
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → ₹24
The wholesale price index is,
$\text{WPI}=\frac{\text{Price in Current Year}}{\text{Price in Base Year}}×100$
$⇒150=\frac{\text{Price in 2018}}{16}×100$
$⇒ \text{Price in 2018} = \frac{150×16}{100}=24$