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So how can inflation be at zero percent when so many of us feel like our paychecks don’t go as far as they used to?
Mark Thoma is a professor of economics at the University of Oregon. When I told him about the comments from people who said inflation is real for them, he said, “they’re probably right.”
Thoma points out that that some people’s individual inflation rate is not zero. The zero percent rate that was released last week is an average based on the Consumer Price Index, or CPI. The CPI is made up of thousands of different goods and services. But not everyone buys the same goods and services.
For example, take retiree Dennis Sedam. He was born in 1944, so he probably spends a larger percentage of his income on health care than the average person.