Special calculator will help find out personal inflation
Economists at the Bank of Lithuania have developed a special calculator, which allows each resident of Lithuania to calculate their personal inflation and compare it with the average inflation in the country.
Inflation is an increase in the overall price level over a certain period and personal inflation reflects the increase in the price level of goods and services purchased by a particular individual. The individual inflation of each individual may differ from the average inflation in Lithuania, as consumer goods and services purchased by individuals and their quantities differ, and therefore, so does the expenditure allocated to them.
Once personal consumption expenditure data is entered, the calculator shows how your consumption basket prices have changed compared to the previous year. You can also see your personal inflation history and compare your consumption basket with the average Lithuanian basket. Cost data can be saved and updated as needed, for example, when your consumption habits change.
The Bank of Lithuania’s personal inflation calculator can:
- calculate your personal inflation and find out why it is higher or lower than the average inflation in Lithuania;
- find out historical data on inflation of your personal, average and individual categories of goods and services since 1993;
- compare the composition of your consumption basket with the composition of the average consumption basket of a single resident of Lithuania;
- see which groups of goods and services have been most expensive and cheaper in the past month.