CLARION, Pa. (EYT) — Michael Patton Advising submitted the following article: The Inflation Experience is Painful and Personal.
Inflation is a sustained increase in prices that reduces the purchasing power of your money over time. According to the Consumer Price Index (CPI), inflation peaked at an annual rate of 9.1% in June 2022, the fastest pace since 1981, before ticking down to 6.5% in December.
The CPI tracks changes in the cost of a market basket of goods and services purchased by consumers. Items are sorted into more than 200 categories that are weighted according to their “relative importance,” a ratio that represents how consumers divide up their spending, on average. Basic needs such as shelter (33%), food (14%), energy (8%), transportation (8%), and medical care (7%) account for more than two-thirds of consumer expenditures.
The recent bout of inflation has been driven in large part by steep price increases for essentials, which means it’s hitting many U.S. households where it hurts. Even so, some consumers feel the sting of inflation more than others.
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