The GDP deflator in year 2 is 110 using year 1 as a base year. This means that, on average, the price of goods and services is
Group of answer choices

5% higher in year 1 than in year 2.

10% higher in year 2 than in year 1.

110% higher in year 1 than in year 2.

110% higher in year 2 than in year 1.