""Put simply, inflation is the rate at which prices are increasing. The higher the inflation rate, the more expensive goods or services become over time. Many factors in the economy can cause price increases on individual items or in certain areas - but when prices rise on average across all consumer goods and services over longer periods, it's called inflation.""
""Inflation is measured using price indexes, such as the Consumer Price Index (CPI). The CPI tracks the average change in prices of a basket of goods and services over time. The percentage change between two periods is then used to calculate the inflation rate using weighted averages.""
Inflation, defined as the rate at which prices increase, has surged to a 40-year high, making essentials more expensive for families. Factors contributing to inflation include various economic elements that cause price increases across consumer goods and services. The Consumer Price Index (CPI) is used to measure inflation by tracking the average change in prices of a basket of goods over time. The current economic climate has left many families struggling financially, exacerbating the impact of rising costs.
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