The people on Coral Island buy only juice and cloth. The CPI basket contains the quantities bought in 2013 (the reference base year). The average household spent $24 on juice and $35 on cloth in 2013 when the price of juice was $2 a bottle and the price of cloth was $7 a yard. In 2014, juice is $5 a bottle and cloth is $6 a yard. Calculate the CPI and the inflation rate in 2014.
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