Determine Your , Personal Inflation Rate, to Help Navigate Rising Prices.
NBC reports that the , Consumer Price Index , fell for the first time in eight months in April.
The Consumer Price Index takes into account the price of food, airline tickets, rent and hundreds of other goods and services.
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NBC points out that it is also a broad measure and may not reflect an individual's experience of widespread inflation which remains near a 40-year high.
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NBC points out that it is also a broad measure and may not reflect an individual's experience of widespread inflation which remains near a 40-year high.
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Figuring out your personal inflation rate can help you get control of your budget and navigate rapidly rising prices.
Step 1: , Pick a month.
, Find your expenses for that month from 2022 and 2021.
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Step 1: , Pick a month.
, Find your expenses for that month from 2022 and 2021.
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Step 2: , Determine your biggest expenses.
This includes food, housing, entertainment, transportation, clothing, education and more.
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Step 2: , Determine your biggest expenses.
This includes food, housing, entertainment, transportation, clothing, education and more.
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Don't forget to include bills that you pay quarterly or annually.
Take the time to figure out how much each of those bills would cost each month.
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Don't forget to include bills that you pay quarterly or annually.
Take the time to figure out how much each of those bills would cost each month.
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Step 3: , Total your monthly expenses and determine the difference between 2022 and 2021.
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Step 4: , Divide by the total amount of your expenses from 2021.
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This can help you figure out just how much of an impact rising prices are having on your budget.
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Determining how your expenses have changed offers a starting point for bringing your costs down and regaining control of your finances
