Inflation affects each and every one of us on a daily basis in the United States (and many places elsewhere across the world). It doesn’t interfere with my life in a good way either; every time inflation rises, my dollar has less and less purchasing power. Inflation also neglects to take an equal affect on the entire market; severely screwing the majority of the population while favoring a very slim few. Inflation affects me every time I spend money; food, clothing, internet, even a house.
According to Numbeo, the current average cost of a gallon of milk (where I live) in Boston, MA is $3.65. Using an inflation calculator to go as far back as 1913, I found that what bought me a gallon of milk today could have bought me $87.98 worth the products (CPI). That is like one gallon of milk vs. one small grocery trip (today). In 1950, that same $3.65 would have had the purchasing power of $36.14 (CPI 1). Money is losing its value almost quickly enough to sit and watch.
“Food Prices in Boston,+MA, United+States.” Food Prices in Boston,+MA. Numbeo, July 2015. Web. 21 July 2015. <http://www.numbeo.com/food-prices/city_result.jsp?country=United%2BStates&city=Boston%2C%2BMA>
“CPI Inflation Calculator (1).” CPI Inflation Calculator. N.p., n.d. Web. 21 July 2015. <http://data.bls.gov/cgi-bin/cpicalc.pl?cost1=3.65&year1=1950&year2=2015>.
“CPI Inflation Calculator.” CPI Inflation Calculator. N.p., n.d. Web. 21 July 2015. <http://data.bls.gov/cgi-bin/cpicalc.pl?cost1=3.65&year1=1913&year2=2015>.