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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 $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>
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>
==External links==
* [http://www.measuringworth.com/ppowerus/ "Purchasing Power of Money in the United States from 1774 to 2008"], translates the value of a dollar in one year to the value today or any year
==See also==
==see also==
==see also==