”Retail inflation in India in the month of November firms up to 4.91%” - Economics times. In relation to the above headline, how the rate of inflation would have been calculated? Mention formula for the same

Solution:

To calculate the retail inflation rate for the month of November, the prices of the month of October would be compared to that of November and the inflation would be calculated with the help of the following formula:
Inflation = $\frac{(Pric{e}_{Nov} - Pric{e}_{Oct}) }{Pric{e}_{Oct}} x 100$