Step 1: Understanding the statement.
The statement claims that excessive advertising leads to unbridled consumerism, implying that advertising plays a role in promoting consumerism.
Step 2: Analyzing the assumptions.
(I) There is rampant consumerism rife in the society: This assumption is implicit because the statement assumes that advertising can lead to consumerism, indicating that consumerism is prevalent.
(II) Advertising has increased in the past decades: This assumption is also implicit because the statement is talking about "excessive advertising," which suggests an increase in advertising over time.
Step 3: Conclusion.
The correct answer is (E) if both are implicit, as both assumptions support the idea that advertising is contributing to increased consumerism.