Consider the following statements regarding the measurement of rate of inflation.
Statement I The rate of inflation is measured on the basis of price indices which are of two kinds-Wholesale Price Index (WPI) and Consumer Price Index (CPl).
Statement II A price index is a measure of the average level of prices.
Statement III Price index shows the exact price rise or fall of a single good.

A. Only I

B. Both I and II

C. Both II and III

D. All of the above

Answer: Option B