Know how much you’re spending and where you’re spending it.
Annual Rate of Inflation Dipped Slightly to 8.3% in April
During March 2022, inflation hit a 40-year high with a rate of 8.5%. In April, the inflation rate dipped slightly to 8.3%.
How do the rising costs of housing, food, cars and airfare translate into your own personal inflation rate? According to Mark Zandi, Chief Economist with Moody’s Analytics, the typical American household is spending approximately $450/month more now for goods and services than one year ago. But, Zandi points out that all households are not typical because all households do not spend the same amount of money on the same things.
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Figure Out Your Own Personal Inflation Rate
Sharon Epperson, CNBC’s personal financial correspondent, suggests that everyone calculate their own individual inflation rate. Here’s how:
- Determine what you’ve spent on food, housing, gas, entertainment, apparel, education, etc. (Go to https://www.bls.gov/news.release/cpi.t02.htm – the US Bureau of Labor Statistics list of expense items that are elements within the consumer price index (CPI).
- Get out your credit card bills and bank statements and find the exact amounts your household spent in each category listed in #1.
- Add up the household’s monthly spending for last month and the same month one year ago.
- Subtract the household’s total spending for May 2021 from May 2022.
- Now divide the difference by the household’s monthly spending for May 2021.
- The result? Your household’s personal inflation rate.
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Thanks to CNBC and the US Bureau of Labor Statistics.