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QUESTION
Last year inflation, as measured by the change in the CPI, was 1.
Last year inflation, as measured by the change in the CPI, was 1.4%. My grandmother spends 20% of her income on medical care, and divides the remaining 80% of her income among the other CPI categories in the same proportions as does the typical consumer. If the average cost of medical care rose 5% last year, and we ignore all other inaccuracies in the CPI, my grandmother is receiving than enough additional money to keep her standard of living constant. Will you be better off?
