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→Measures of inflation
* other items
* other items
The inflation rate is expressed as a percentage increase in average prices over a year. For example, if the cost of the CPI "basket" rises from $100 one year ago to $102 today, the current inflation rate is 2 per cent. When the CPI rises, the purchasing power of the average consumer's dollar falls.<ref>
The inflation rate is expressed as a percentage increase in average prices over a year. For example, if the cost of the CPI "basket" rises from $100 one year ago to $110 today, the current inflation rate is 10 per cent. When the CPI rises, the purchasing power of currency and value of a worker's labor falls.<ref>
Wanniski, Jude. "Money and Tax Rates." In Wanniski. The Way the World Works. 1978.</ref>
Wanniski, Jude. "Money and Tax Rates." In Wanniski. The Way the World Works. 1978.</ref>