This inflation calculator allows users to track their personal inflation rate in the UK, US and Japan. It uses data from the Office for National Statistics, Bureau for Labour Statistics and Statistics Bureau of Japan and measures of CPIH, CPI-U and CPI respectively. The calculator is recommended for regular monthly spending, however users may enter last month\’s actual spending, including any irregular purchases, or the monthly average values of all their spending. Homeowners can enter how much they spend on mortgage payments and home insurance in “Rent/mortgage” and how much they spend on repairs and home improvements in “Homeware and maintenance”. National inflation rates are calculated by collecting and recording prices for the same set of products from a large sample of shops around the country and online. Items are then weighted to ensure they reflect their relative importance in the overall shopping basket. Personal inflation rates are estimated by collecting and calculating the latest and historic 12-month price indices data for each spending category and defining a weight that it should apply to each category’s price inflation based on the spending inputs the user provides. The calculator then mimics the calculation carried out by the national statistics authority to produce an overall personal inflation rate.
Source link
Join our Facebook page From top right corner.