Table:
|  | Weighted-average assumptions used to define the benefit obligations |  |
| --- | --- | --- |
|  | 2019 | 2018 |
|  | % | % |
| Rate of increase in salaries | 2.4 | 2.7 |
| Rate of increase in pensions | 2.8 | 2.9 |
| Rate of price inflation | 2.9 | 3.2 |
| Discount rate | 2.1 | 2.7 |
Paragraphs:
7 Employee benefits
Pension plans
The Company is accounting for pension costs in accordance with International Accounting Standard 19.
The disclosures shown here are in respect of the Company’s defined benefit obligations. Other plans operated by the Company were defined contribution plans.
The total expense relating to the Company’s defined contribution pension plans in the current year was £0.7m (2018: £0.6m).
At 31st December 2019 the post-retirement mortality assumptions in respect of the Company Defined Benefit Scheme follows 85%/96% (male/female) of SAPS S2, CMI 2017 projections with a long term trend of 1.25% p.a. At 31st December 2018 the postretirement mortality assumptions in respect of the Company Defined Benefit Scheme follows 85% of SAPS S2 Light base table for males and 96% of SAPS S2 base table for females with CMI Core Projection Model 2016 improvements commencing in 2007, subject to a 1.25% p.a. long-term trend. These assumptions are regularly reviewed in light of scheme-specific experience and more widely available statistics.
The financial assumptions used at 31st December were:
The assumptions used by the actuary are the best estimates chosen from a range of possible actuarial assumptions, which due to the timescale covered, may not necessarily be borne out in practice.
Question:
What was the absolute percentage change in the rate of price inflation from 2018 to 2019?
Answer: 2.9%-3.2% = -0.3