Answer the following questions with explanation: Before the coronavirus pandemic, the annual inflation rates in Canada u

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Answer the following questions with explanation:
Before the coronavirus pandemic, theannual inflation rates in Canada used to be around 2%. However, theinflation rates are near 8% these days.
(i) What does it mean to have an annual inflation rate of 8% inCanada?
(ii) In general, explain how the monetary policy could beresponsible for higher inflation rates.
(iii) In general, how could the central bank in Canada lower theinflation rates?
(iv) If the taxes are lowered in Canada, will that help lower orraise the inflation rates?