In January 2003, the price for a whole fresh chicken was $1.004 per pound. In February 2016,

Question:

In January 2003, the price for a whole fresh chicken was $1.004 per pound. In February 2016, the price for the same chicken was $1.475 per pound. Use the January 2003 price as the base period and 100 as the base value to develop a simple index. By what percent has the cost of chicken increased?