As prices rise nationwide, how to calculate your own inflation rate

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It’s likely no surprise to hear that prices have been rising across the U.S. economy, whether at the grocery store or the gas pump.

But just how much have your personal household costs increased, and how does that stack up against the average American’s?

Calculating your personal inflation rate can help answer these questions.

The consumer price index is a common inflation measure. Households paid 8.6% more money in May 2022 for a broad basket of goods and services relative to that same basket in May 2021 — the largest annual jump in more than 40 years.

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How much cash you need to ride out a recession
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Why experts say a higher federal minimum wage is long overdue

However, your basket is likely different. For one, purchases and consumption habits vary from household to…

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