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Expanding with an example... Really you just want to use the index itself. It represents (in theory) the amount you'd pay for a basket of goods. So say, for
by Ntrails 10y ago
Expanding with an example... Really you just want to use the index itself. It represents (in theory) the amount you'd pay for a basket of goods.
So say, for example, the Index was at 240 in 1992, but today that same index is 360. So for £100 of 1992 money in today's terms you'd do:
360/240 * 100 = £150
Essentially you just want the ratio of prices for the basket of goods.
- Jaruzel 10y agoThat's a great example, thank you. Where do I find the index numbers you refer to? I've googled, but stats are really not my strong point.
- richdougherty 10y agoAssuming you're in the US, you could look here: http://www.bls.gov/data/#prices http://www.bls.gov/data/#prices More information here (https://en.wikipedia.org/wiki/Consumer_price_index https://en.wikipedia.org/wiki/Consumer_price_index), including info about the appropriate US index to use.