“What is the current inflation rate?” That is a question many people ask every day. The Bureau of Labor Statistics releases a current inflation rate figure based on the Consumer Price Index every month, however is that the current inflation rate that you are experiencing? Inflation is calculated using the current prices of goods and services and comparing those prices to a prior period. In order for the measurement to be valid, the prices that are compared need to be from the same location and for the same or equally similar good or service.

Your current inflation rate may differ from the current inflation rate of the Consumer Price Index because you purchase different mixes of goods and services than what is used in the Consumer Price Index. For example, whether you smoke cigarettes or not, the cost of cigarettes is included in the current inflation rate as published by the Bureau of Labor Statistics.

Additionally, your current inflation rate will differ because you are purchasing your goods and services in a particular location and not widely dispersed across the country. The Consumer Price Index uses prices from all over the country to determine the current inflation rate, therefore it cannot replicate the experience of any one individual. This is why each person must use their own personal inflation rate to determine the current inflation rate as it relates to them.

MyInflationRate.com helps consumers determine their current inflation rate by providing an inflation calculator based on the data collected by the Bureau of Labor Statistics. Using this calculator, you can find out your personal inflation rate and truly determine the current inflation rate!