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Bank of Lithuania economists have developed a special calculator that allows each Lithuanian resident to calculate their personal inflation and compare it to the country’s average inflation.
According to the Bank of Lithuania report, inflation is an increase in the general price level over a period of time, while personal inflation shows the extent to which the price level of goods and services purchased by a resident in particular.
The personal inflation of each inhabitant may differ from the average inflation in Lithuania, because the consumer goods and services purchased by individuals and their quantities, and therefore the expenditures allocated to them, differ.
The calculator is available HERE.
“After entering your personal consumption expense data, the spreadsheet shows you how your consumer cart prices have changed since last year. You can also view your personal inflation history on the chart and compare your consumer basket to the average Lithuanian basket, ”the Bank of Lithuania said in a statement.
It is argued that spending data can be stored and updated as needed, for example, as consumption patterns change.
The calculator also allows you to discover why personal inflation is higher or lower than the average inflation in Lithuania, to know the historical data of personal inflation, average in Lithuania and individual groups of goods and services since 1993.
The calculator also allows you to compare the composition of your consumption basket with the composition of the average per capita consumption basket in Lithuania, or see which groups of goods and services have become more expensive and cheaper in the last month.
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