Personal Inflation Rates - (Not the current CPI or CPIW Rate)

[jollystomper]

I checked Quicken to compare our current YTD expenses to the same period last year. It is just one of the many possible imperfect "personal inflation" measurements . So far we are pretty much flat, down about 2%. This includes $7,500 for vacation so far this year that was zero at this time last year. Our gasoline costs are about 16% higher. Food (groceries + takeout + dining out) is 16% lower. All utilities (electric+sanitation+cable) are about 4% higher. Some other categories are way down, and balance off the vacation expenses, due to one time/long term expenses last year - for example, renovation of a bathroom and new golf clubs (both of which I'm glad I spent the money on last year, given what I see the current costs for those items would be).

Our home was reassessed this year so our property tax bill will be higher.

 

[jollystomper]

One other personal note... we replenished our Costo toilet paper + paper towels last week. The price was about 10% higher that our last replenishment in late December. For the toilet paper this is in addition to the shrinkage from 425 sheets per roll to 380 sheets per roll that occurred I think sometime last summer or fall.

 

[Koolau]

+1

Travel costs—specifically, air fares—are absurdly higher than last year. I'm looking at paying about double for cross-country airfare for next month compared to the exact same itinerary just three months ago. Basic (coach/main cabin), roundtrip flights from ATL to the San Francisco area are nearly $1,000! That's about what I paid for a roundtrip ticket to the UAE last year! Mind boggling.

Yeah, we got lucky and started getting tickets before it completely hit the fan. Round trip HI to midwest is about $1200. IIRC that's about $300 more than last year. I suspect if we started today, it would be, as you suggested 2X! Bummer! Then again, it's the only game in town until they get the bridge to SF completed.

 

[CardsFan]

+1

Travel costs—specifically, air fares—are absurdly higher than last year. I'm looking at paying about double for cross-country airfare for next month compared to the exact same itinerary just three months ago. Basic (coach/main cabin), roundtrip flights from ATL to the San Francisco area are nearly $1,000! That's about what I paid for a roundtrip ticket to the UAE last year! Mind boggling.

Frankly, that is an unfair comparison. You are comparing flying from ATL to SFO (or nearby) in February to June. Which month do you think is more popular? That's not inflation as much as the normal price changes due to supply and demand.

 

[jollystomper]

+1

Travel costs—specifically, air fares—are absurdly higher than last year. I'm looking at paying about double for cross-country airfare for next month compared to the exact same itinerary just three months ago. Basic (coach/main cabin), roundtrip flights from ATL to the San Francisco area are nearly $1,000! That's about what I paid for a roundtrip ticket to the UAE last year! Mind boggling.

Some of the increase may be seasonal. I suspect there are more people flying in June, with schools letting out, associated school graduation/events, weddings, families starting vacations, etc. than back in February or March. For example, I noticed that for some international destinations fares are higher June-August as compared to March, but fall again in late September.

 

[Koolau]

Some of the increase may be seasonal. I suspect there are more people flying in June, with schools letting out, associated school graduation/events, weddings, families starting vacations, etc. than back in February or March. For example, I noticed that for some international destinations fares are higher June-August as compared to March, but fall again in late September.

Yeah, as I mentioned, the fares very much depended on what day and especially which month we flew. I'm sure the airline computers know exactly how to maximize their incomes.

 

[Teacher Terry]

I have cut the fat out of my budget so not much left to cut. Locally vets have increased prices by a lot and doggie dentals have almost doubled from 360 if they don’t have to pull teeth to 600 if they do. My Maltese lost 2 teeth which weren’t molars so came out easily and the cost was 1k.

 

[brett]

+1

Travel costs—specifically, air fares—are absurdly higher than last year. I'm looking at paying about double for cross-country airfare for next month compared to the exact same itinerary just three months ago. Basic (coach/main cabin), roundtrip flights from ATL to the San Francisco area are nearly $1,000! That's about what I paid for a roundtrip ticket to the UAE last year! Mind boggling.

Depends. We are going to Portugal in a few days. Fares (from Canada) are on a par with pre covid levels.

We are looking at air to Greece in Sept/Oct. Currently the fares are equal, in some cases a little higher, than what we paid pre covid.

Domestic fare are up. Some by a large amount so we had to shop. Mexico fares are also up.

 

[Chuckanut]

I recently made the decision to change the dates on a road trip I want to take. From what I have seen, it has knocked about $50 minimum off the daily rate for hotel rooms. I'll be bringing my plug-in cooler for sure. Picnics are cheap. Adult beverages will be part of my evening relaxation in my room. No point in paying $6+ for a glass of wine from a bottle I can buy for less than $10.

Judicious use of my travel miles and points will also help. But, yes, it is still more expensive. I am concerned for the lower income folks who don't have the option of driving a modern hybrid, and squeezing reward points for value.

 

[Koolau]

I recently made the decision to change the dates on a road trip I want to take. From what I have seen, it has knocked about $50 minimum off the daily rate for hotel rooms. I'll be bringing my plug-in cooler for sure. Picnics are cheap. Adult beverages will be part of my evening relaxation in my room. No point in paying $6+ for a glass of wine from a bottle I can buy for less than $10.

Judicious use of my travel miles and points will also help. But, yes, it is still more expensive. I am concerned for the lower income folks who don't have the option of driving a modern hybrid, and squeezing reward points for value.

Yeah, options really open up for road trips. Back when we were slumming it, we spent a couple of nights in the car at Interstate rest areas. Not recommended and I couldn't do it now. But avoiding expensive eating/drinking joints as well as 4 star overnight accommodations can save a bundle. Just know how to look for bed bugs - no matter WHERE you stay.

 

[GenXguy]

I have cut the fat out of my budget so not much left to cut. Locally vets have increased prices by a lot and doggie dentals have almost doubled from 360 if they don’t have to pull teeth to 600 if they do. My Maltese lost 2 teeth which weren’t molars so came out easily and the cost was 1k.

I know the feeling. I had cut the fat out of my budget quite a while ago - living frugally, very little discretionary spending, so I'm getting hit hard by inflation. I thought I might get a dog again sometime after I retire, but the odds are going down.

 

[kgtest]

Yeah, options really open up for road trips. Back when we were slumming it, we spent a couple of nights in the car at Interstate rest areas. Not recommended and I couldn't do it now. But avoiding expensive eating/drinking joints as well as 4 star overnight accommodations can save a bundle. Just know how to look for bed bugs - no matter WHERE you stay.

I'll never forget the time I went skiing in the rockies. Plane got in late, I knew I was gonna be on the mountain at like 7 or 8am, plan was to stay on a military base, but I couldn't find the lodging nor the proper entrance and thought, well I'll just drive through the pass and park at a wal-mart and sleep in the car. I think temps got down to -10 that night and man was it cold. I didn't have any blankets and was trying to stay warm with the 2 sweatshirts I packed and my ski pants and jacket. I still can't believe I did such a boneheaded move. I was tired skiing the next day, but slept like a baby that night when I finally did check into my hotel room.

As for inflation, hard to tell since my costs are naturally rising as kids grow and become more active with more to support. I don't know why I thought having children would become cheaper with time...oh they will be done with formula, and then diapers and then daycare costs...hehehehe...costs keep rising with all the activities, extra food, hanging out with friends, dentist visits, medical check ups and dr visits. Again,, what was I thinking. Soon it will be cars, and insurance and college, and weddings.

 

[Teacher Terry]

Gen x guy, I have 2 Maltese and when one dies will only have one. I can’t live without a dog and like to have 2 so they have company when I am not home. Maybe vets aren’t so expensive where you live and only small dogs need dentals.

 

[tmm99]

I used an online "personal inflation" calculator (Canada) and my personal inflation is about 1% lower than the official inflation rate of 7%. I've lost over 10% in the stock market, so I'm actually poorer by about 16%+.

Ouch.

 

[Sunset]

I know the feeling. I had cut the fat out of my budget quite a while ago - living frugally, very little discretionary spending, so I'm getting hit hard by inflation. I thought I might get a dog again sometime after I retire, but the odds are going down.

Pre-covid, we enjoyed not having pets as it meant we were free to travel without pet sitting/health issues.

We have considered pet sitting for periods of time when we are not planning travel, as a way to enjoy a pet without the hassle.

 

[Surewhitey]

Really hard to say, but here are some wins & losses I see.

Bacon - trying other brands, but still paying 25-30% more.
Shopping in general - not many sales, so up in general.
Nat gas is up and we can't lock in a contract here.
Property tax is up 10% starting next year (go figure). They re-evaluate every 3 years...
Insurance is also a wild card. May need to be shopping around soon.

Vs

Electric utilities - locked in (for 3 years) $.10/kwh a year ago and now it's $.14-.15...win!
Not driving much, so no biggie at the pump.
Eating more veggies and cheaper cuts & shrimp (surprisingly still similar prices)

The past 2 years are almost identical without trying to. This year is a wild card.

 

[scrabbler1]

It's hard to figure out what my personal inflation rate is, for the reasons others have already stated.

Yes, many identifiable items have risen in cost, from gas (I drive little) to the occasional pizza pie to haircuts. Increases in the higher-cost items at the supermarket are more noticeable, such as meats and breakfast cereal. On-sale items are rare, but I try to take advantage of them when possible. I live in a small apartment, so storage space (including freezer space) is limited. Substitution is possible if I was buying a more expensive type of food I didn't really need to buy. High-end organic brown rice is my best example. I had to stop buying that because it was costing way too much. I found a 5-pound bag of regular brown rice for only $4!

Some of my expenses have increased very little, starting with my monthly co-op maintenance charge. It covers many things, mostly property taxes, but it includes other items involved with the financial upkeep of the building and grounds. My electric bill decreased slightly because of a technical issue with the meter which was taken care of last September. My health insurance premium (ACA subsidy increased) dropped in 2021 thanks to the ARP but has risen slightly this year. Income taxes rise and fall with income, and the brackets are adjusted for inflation. Car insurance dropped in 2020 with the pandemic but has risen slightly and not back to 2019 levels.

So, for me, the whole thing is a wash.

 

[GenXguy]

Gen x guy, I have 2 Maltese and when one dies will only have one. I can’t live without a dog and like to have 2 so they have company when I am not home. Maybe vets aren’t so expensive where you live and only small dogs need dentals.

Yeah, it's still a possibility sometime after I retire, but I think I would probably want more freedom in early retirement after working full time for decades. So, I'll try not to think about it much in the meantime. I just hope this inflation doesn't erode too much of my planned discretionary spending.

 

[24601NoMore]

Price of wheatberries has gone BANANAS. Purchased our last batch (400 lbs, fortunately), in ~March 2020 at $26 for 50 lbs.

Now is $79.99 (!!!) for the same exact thing.

That's THREE HUNDRED PERCENT of the 2020 cost.

Inflation is not "8%". That's pure nonsense.

ETA - just checked chicken breast at Costco. Used to be $3.50 / lb. Now $4.08. That's sixteen percent higher. Ugh.

 

[KarenF]

I just ordered window blinds to replace my old window treatments. The price was almost identical to the bids I got a year ago. In fact, I think it's actually a bit lower.

What will influence my personal inflation rate over the next twelve months is taxes. We've already been warned the property taxes will see a double digit increase next year. Lucky us. The state is gearing up for its first income tax (called an excise tax on capital gains by the Guv). Lucky me.

I have been much more intentional about grocery shopping and eating out, so we have kept our costs the same. We don't drive that much either. Our Property tax assessment just came and the Property tax (Atlanta Area) has gone up 45% since we bought our house last summer. I am appealing, but don't think I will be successful.

 

[Mulligan]

Admittedly its kind of twisting of the word “personal deflation”, but I have had a record 20% record deflation over past 9 months. I went from spending roughly $5k a month to under $4k a month. But this was done mostly by refinancing house from 3.875% to 2.75% on my note late last summer, and being able to hop on my GF’s health insurance for free and getting off full rack rate Obamacare. Food and gas are only noticeable increase. Somehow my car insurance is $100 cheaper every six month despite buying a new more expensive car. Also jaw boned down my Direct TV $50 a month too.
Gas and food are only real noticeable increases but they are not a big part of the monthly expenditures.

 

[almost there]

Personal Inflation Rates. Many things have doubled over the past 10 years.
Sad but true. The govt. numbers are and have been a joke.

 

[Mulligan]

Personal Inflation Rates. Many things have doubled over the past 10 years.
Sad but true. The govt. numbers are and have been a joke.

I wish everything was like my phone bill. Back in early 1990s dealing with land line and long distance bills our phone bill was usually $125 or so a month. Now its been $15 a month with unlimited phone calls and get internet too.

 

[zippy2020]

On May 8th, NY Times published an interactive Inflation Calculator that asks 7 questions to calculate your personal inflation calculator. The questions follow the published CPI, which of course is not a super-accurate indicator, but for simplicity's sake, serves its purpose as the basis for a "quick and dirty" individual #.

Our personal inflation # was 7.9%, according to the NYT calculator.

https://www.nytimes.com/interactive/2022/05/08/business/economy/inflation-calculator.html

 

[aja8888]

I wish everything was like my phone bill. Back in early 1990s dealing with land line and long distance bills our phone bill was usually $125 or so a month. Now its been $15 a month with unlimited phone calls and get internet too.

Tell us about your golf expenses and trips to Vegas to bet sports?