MyInflationRate.com is a website built for the U.S. consumer to help in understanding the personal impacts of inflation. The inflation and pricing data on this site comes from the U.S. Bureau of Labor Statistics. This site is not endorsed by or affiliated with the U.S. Bureau of Labor Statistics. The data on this site is updated on a monthly basis and the footnote on the bottom of each page containing inflation data will display the latest month for which data has been updated. Except where noted, all data used for reporting and calculation purposes on MyInflationRate.com are unseasonalized.
MyInflationRate.com provides users the ability to calculate their own personal inflation rate by entering monthly and annual spending data into the MyInflationRate.com Personal Inflation Rate Calculator. A personal inflation rate is much more accurate than the nationally published CPI for the individual. The reasons for this are multifold. First, the CPI considers a generic “basket of goods” for the “average” consumer based on nationwide consumer spending trends. As a national average for inflation, this makes sense, but for the individual, spending patterns can vary dramatically. Also, the reported CPI is based on national averages for inflation and not specific to any particular area of the country. MyInflationRate.com allows the user to take personal spending patterns, as well as location as factors when calculating a personalized inflation rate. As a result, your personal inflation rate becomes much more meaningful than the generic CPI. Knowing your personal inflation rate is critical to proper financial planning for retirement or future spending.
MyInflationRate.com also provides users with detailed information on inflation, and in some cases, average price data, down to the individual item level. Using the item selection tree on the Components of the CPI page, the user can breakdown the categories used in calculating the CPI into several layers of detail. This information is extraordinarily useful in helping consumers understand what sub-categories or products are most or least inflationary. This may help consumers in mitigating the impacts of inflation to them personally by helping them avoid the most inflationary products in their daily spending. It also provides trend information to assist consumers to understand the inflationary history of each item researched and allows for more insightful planning for future expenditures.
Until now, there has been little way for consumers to effectively make use of the vast amount of data the U.S. Bureau of Labor Statistics reports across many tables and databases. We are striving to change that at MyInflationRate.com and to empower the U.S. consumer with this invaluable information. We hope you personally find the information on MyInflationRate.com useful.
