Michiganders Getting Buried By Inflation Here Are Some Examples

According to Investopedia, the definition of inflation is:

“Inflation is the decline of purchasing power of a given currency over time. A quantitative estimate of the rate at which the decline in purchasing power occurs can be reflected in the increase of an average price level of a basket of selected goods and services in an economy over some period of time. The rise in the general level of prices, often expressed as a percentage, means that a unit of currency effectively buys less than it did in prior periods.”

To put it simply your dollar in your pocket or bank account is worth less than it was a month or days ago. The price of goods rises which means you can buy fewer goods and services with those dollars.

According to the U.S. Government’s Bureau of Labor Statistics in “July, the Consumer Price Index for All Urban Consumers rose 0.5 percent on a seasonally adjusted basis; rising 5.4 percent over the last 12 months”. That means if your wages are up 2% from last year you actually lost 3.4%in buying power

Here are some examples of those increased prices: