The price of a certain item is increased by 12%. If a consumer wants to keep his expenditure on the item the same as before, how much percent must be reduce his consumption on that item?
1
15%
2
\(13\frac{1}{{23}}\%\)
3
\(16\frac{2}{3}\%\)
4
\(10\frac{5}{7}\%\)