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How to Use Inflation Rates and Index Numbers

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How to Use Inflation Rates and Index Numbers How to Use Inflation Rates and Index Numbers. Introduction: The following three tables contain yearly inflation rates and index numbers. Table 1 contains numbers generated from the Wyoming Cost of Living Index (WCLI) for the second quarter (2Q) of the year. All inflation rates and index numbers in this table are on a 2Q basis meaning that the inflation rate of 4.3% in the year 2000 is actually the rate of inflation calculated for the period from the 2Q of 1999 to the 2Q of 2000. Table 2 also contains numbers from the WCLI but on a fourth quarter (4Q) basis. Table 3 consists of U.S. consumer price index (CPI) numbers compiled by the Bureau of Economic Analysis. The time basis for this table represents a December-to-December change. For ease of demonstration, Table 1 will be used in the examples below. However, the following examples can be answered using any of the three tables. Solving for cumulative inflation: Find the cumulative rate of inflation from 1996 through 2000. The period of time involved would look like this: Period 2Q96 2Q97 2Q98 2Q99 2Q00 Annual Inflation 2.8% 1.5% 2.6% 4.3% Rates To find the cumulative inflation rate for this four-year period using Table 1, choose 1996 as the base year (this would be the column choice) and then choose 2000 as the calendar year (this would be the row choice). The corresponding index number is 1.117, which means that the cumulative inflation rate for the period 2Q96 – 2Q00 was 11.7%. Converting dollars: Suppose that your annual salary in 1985 was $24,000. What does your salary have to be in the year 2000 to have kept pace with inflation? Again using Table 1, choose 1985 as the base year (the column choice) and then choose 2000 as the calendar year (the row choice). The corresponding index number is 1.543. To convert your 1985 salary into year 2000 dollars, multiply: $24,000 X 1.543 = $37,032 EAD Table 1: Wyoming Cost of Living Index - 2nd Quarter (2Q) Annual Inflation Rates & Cumulative Inflation Factors/Index Numbers Calendar Inflation Base Year: Year Rate 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1985 0.8% 1.000 1.004 1.007 0.989 0.954 0.920 0.884 0.856 0.829 0.793 0.758 0.724 0.704 0.693 0.676 0.648 0.621 0.606 0.589 0.562 0.537 0.509 0.486 0.450 0.450 0.442 0.423 0.413 0.401 0.390 0.387 0.389 0.385 0.372 0.365 0.361 1986 -0.4% 0.996 1.000 1.003 0.985 0.950 0.916 0.880 0.853 0.826 0.790 0.755 0.721 0.701 0.691 0.673 0.645 0.619 0.604 0.587 0.559 0.535 0.507 0.484 0.449 0.449 0.440 0.421 0.411 0.399 0.389 0.385 0.387 0.383 0.371 0.364 0.360 1987 -0.3% 0.993 0.997 1.000 0.982 0.947 0.913 0.877 0.850 0.823 0.788 0.752 0.719 0.699 0.689 0.671 0.644 0.617 0.602 0.585 0.558 0.534 0.505 0.483 0.447 0.447 0.439 0.420 0.410 0.398 0.387 0.384 0.386 0.382 0.370 0.363 0.359 1988 1.8% 1.011 1.015 1.018 1.000 0.964 0.930 0.893 0.866 0.838 0.802 0.766 0.731 0.712 0.701 0.683 0.655 0.628 0.613 0.596 0.568 0.543 0.514 0.491 0.455 0.455 0.447 0.428 0.418 0.405 0.394 0.391 0.393 0.389 0.377 0.369 0.365 1989 3.7% 1.048 1.052 1.056 1.037 1.000 0.964 0.926 0.898 0.869 0.832 0.794 0.759 0.738 0.727 0.709 0.679 0.651 0.635 0.618 0.589 0.563 0.533 0.510 0.472 0.472 0.463 0.443 0.433 0.420 0.409 0.405 0.408 0.403 0.390 0.383 0.379 1990 3.7% 1.087 1.091 1.095 1.075 1.037 1.000 0.961 0.931 0.901 0.862 0.824 0.787 0.765 0.754 0.735 0.704 0.675 0.659 0.640 0.610 0.584 0.553 0.528 0.490 0.490 0.481 0.460 0.449 0.436 0.424 0.420 0.423 0.418 0.405 0.397 0.393 1991 4.1% 1.132 1.136 1.140 1.119 1.080 1.041 1.000 0.969 0.938 0.898 0.857 0.819 0.797 0.785 0.765 0.733 0.703 0.686 0.667 0.636 0.608 0.576 0.550 0.510 0.510 0.500 0.479 0.468 0.453 0.442 0.438 0.440 0.435 0.422 0.413 0.409 1992 3.2% 1.168 1.173 1.176 1.155 1.114 1.074 1.032 1.000 0.968 0.926 0.885 0.845 0.822 0.810 0.789 0.757 0.726 0.708 0.688 0.656 0.628 0.594 0.568 0.526 0.526 0.516 0.494 0.482 0.468 0.456 0.452 0.454 0.449 0.435 0.426 0.422 1993 3.3% 1.206 1.211 1.215 1.193 1.151 1.110 1.066 1.033 1.000 0.957 0.914 0.873 0.849 0.837 0.815 0.782 0.750 0.731 0.711 0.677 0.648 0.614 0.586 0.543 0.543 0.533 0.510 0.498 0.483 0.471 0.466 0.469 0.464 0.449 0.441 0.436 1994 4.5% 1.261 1.266 1.270 1.247 1.203 1.160 1.114 1.079 1.045 1.000 0.955 0.912 0.887 0.874 0.852 0.817 0.783 0.764 0.743 0.708 0.677 0.642 0.613 0.568 0.568 0.557 0.533 0.521 0.505 0.492 0.487 0.490 0.485 0.470 0.460 0.455 1995 4.7% 1.320 1.325 1.329 1.306 1.259 1.214 1.166 1.130 1.094 1.047 1.000 0.955 0.929 0.915 0.892 0.855 0.820 0.800 0.778 0.741 0.709 0.672 0.642 0.595 0.595 0.584 0.558 0.545 0.529 0.515 0.510 0.513 0.508 0.492 0.482 0.477 1996 4.7% 1.382 1.388 1.392 1.367 1.318 1.271 1.221 1.183 1.146 1.096 1.047 1.000 0.973 0.958 0.934 0.896 0.859 0.838 0.814 0.776 0.743 0.703 0.672 0.623 0.623 0.611 0.585 0.571 0.554 0.539 0.534 0.538 0.532 0.515 0.505 0.499 1997 2.8% 1.421 1.426 1.431 1.405 1.355 1.307 1.255 1.216 1.178 1.127 1.076 1.028 1.000 0.985 0.960 0.921 0.883 0.861 0.837 0.798 0.763 0.723 0.691 0.640 0.640 0.628 0.601 0.587 0.569 0.554 0.549 0.553 0.547 0.529 0.519 0.513 1998 1.5% 1.442 1.448 1.452 1.426 1.376 1.326 1.274 1.235 1.195 1.144 1.092 1.043 1.015 1.000 0.975 0.934 0.896 0.874 0.849 0.810 0.775 0.734 0.701 0.650 0.650 0.637 0.610 0.596 0.578 0.563 0.558 0.561 0.555 0.537 0.527 0.521 1999 2.6% 1.479 1.485 1.490 1.464 1.411 1.361 1.307 1.267 1.226 1.174 1.121 1.071 1.041 1.026 1.000 0.959 0.919 0.897 0.872 0.831 0.795 0.753 0.719 0.666 0.666 0.654 0.626 0.611 0.593 0.577 0.572 0.576 0.569 0.551 0.540 0.534 2000 4.3% 1.543 1.549 1.554 1.526 1.472 1.419 1.364 1.321 1.279 1.224 1.169 1.117 1.086 1.070 1.043 1.000 0.959 0.935 0.909 0.867 0.829 0.785 0.750 0.695 0.695 0.682 0.653 0.637 0.618 0.602 0.597 0.600 0.594 0.575 0.564 0.557 2001 4.3% 1.609 1.616 1.621 1.592 1.535 1.481 1.422 1.378 1.334 1.277 1.219 1.165 1.133 1.116 1.088 1.043 1.000 0.976 0.948 0.904 0.865 0.819 0.782 0.725 0.725 0.711 0.681 0.665 0.645 0.628 0.622 0.626 0.619 0.599 0.588 0.581 2002 2.5% 1.650 1.656 1.661 1.632 1.574 1.518 1.458 1.413 1.367 1.309 1.250 1.194 1.161 1.144 1.115 1.069 1.025 1.000 0.972 0.926 0.887 0.840 0.802 0.743 0.743 0.729 0.698 0.682 0.661 0.644 0.638 0.642 0.635 0.614 0.602 0.596 2003 2.9% 1.698 1.704 1.709 1.679 1.619 1.562 1.500 1.454 1.407 1.347 1.286 1.228 1.195 1.177 1.147 1.100 1.055 1.029 1.000 0.953 0.912 0.864 0.825 0.765 0.765 0.750 0.718 0.701 0.680 0.662 0.656 0.660 0.653 0.632 0.620 0.613 2004 4.9% 1.781 1.788 1.793 1.762 1.699 1.638 1.574 1.525 1.476 1.412 1.349 1.289 1.253 1.235 1.204 1.154 1.106 1.079 1.049 1.000 0.957 0.906 0.866 0.802 0.802 0.787 0.753 0.736 0.714 0.695 0.689 0.693 0.685 0.663 0.650 0.643 2005 4.5% 1.861 1.868 1.874 1.841 1.775 1.712 1.644 1.593 1.542 1.476 1.410 1.346 1.310 1.290 1.258 1.206 1.156 1.128 1.096 1.045 1.000 0.947 0.904 0.838 0.838 0.823 0.787 0.769 0.746 0.726 0.720 0.724 0.716 0.693 0.680 0.672 2006 5.6% 1.965 1.973 1.979 1.944 1.875 1.808 1.736 1.683 1.629 1.559 1.489 1.422 1.383 1.363 1.328 1.273 1.221 1.191 1.158 1.104 1.056 1.000 0.955 0.885 0.885 0.869 0.831 0.812 0.787 0.767 0.760 0.764 0.756 0.732 0.718 0.710 2007 4.7% 2.057 2.066 2.072 2.035 1.963 1.893 1.818 1.762 1.705 1.632 1.559 1.489 1.448 1.427 1.391 1.333 1.278 1.247 1.212 1.155 1.106 1.047 1.000 0.927 0.927 0.910 0.870 0.850 0.824 0.803 0.796 0.800 0.792 0.766 0.751 0.743 2008 7.9% 2.220 2.229 2.236 2.196 2.118 2.042 1.962 1.901 1.840 1.761 1.682 1.606 1.563 1.539 1.500 1.439 1.379 1.346 1.308 1.247 1.193 1.130 1.079 1.000 1.000 0.981 0.939 0.917 0.890 0.866 0.858 0.864 0.854 0.827 0.811 0.802 2009 0.0% 2.220 2.229 2.236 2.196 2.118 2.042 1.962 1.901 1.840 1.761 1.682 1.606 1.563 1.539 1.500 1.439 1.379 1.346 1.308 1.247 1.193 1.130 1.079 1.000 1.000 0.981 0.939 0.917 0.890 0.866 0.858 0.864 0.854 0.827 0.811 0.802 2010 1.9% 2.262 2.271 2.278 2.238 2.158 2.081 1.999 1.937 1.875 1.794 1.714 1.637 1.592 1.569 1.529 1.466 1.406 1.371 1.333 1.270 1.216 1.151 1.100 1.019 1.019 1.000 0.957 0.935 0.906 0.883 0.875 0.880 0.870 0.843 0.826 0.817 2011 4.5% 2.364 2.373 2.381 2.338 2.255 2.175 2.089 2.024 1.959 1.875 1.791 1.711 1.664 1.639 1.598 1.532 1.469 1.433 1.393 1.328 1.270 1.203 1.149 1.065 1.065 1.045 1.000 0.977 0.947 0.922 0.914 0.920 0.910 0.881 0.863 0.854 2012 2.4% 2.421 2.430 2.438 2.395 2.309 2.227 2.139 2.073 2.006 1.920 1.834 1.752 1.704 1.679 1.636 1.569 1.504 1.467 1.426 1.359 1.301 1.232 1.177 1.090 1.090 1.070 1.024 1.000 0.970 0.944 0.936 0.942 0.931 0.902 0.884 0.874 2013 3.1% 2.496 2.506 2.513 2.469 2.381 2.296 2.205 2.137 2.069 1.980 1.891 1.806 1.757 1.731 1.687 1.617 1.551 1.513 1.470 1.402 1.341 1.270 1.213 1.124 1.124 1.103 1.056 1.031 1.000 0.974 0.965 0.971 0.960 0.930 0.911 0.901 2014 2.7% 2.563 2.573 2.581 2.535 2.445 2.358 2.265 2.195 2.125 2.033 1.942 1.855 1.804 1.777 1.732 1.661 1.593 1.554 1.510 1.439 1.377 1.304 1.246 1.155 1.155 1.133 1.084 1.059 1.027 1.000 0.991 0.997 0.986 0.955 0.936 0.926 2015 0.9% 2.586 2.597 2.604 2.558 2.467 2.379 2.285 2.214 2.144 2.051 1.959 1.871 1.820 1.793 1.748 1.676 1.607 1.568 1.523 1.452 1.390 1.316 1.257 1.165 1.165 1.143 1.094 1.068 1.036 1.009 1.000 1.006 0.995 0.963 0.944 0.934 2016 -0.6% 2.571 2.581 2.589 2.543 2.452 2.365 2.272 2.201 2.131 2.039 1.948 1.860 1.809 1.783 1.738 1.666 1.597 1.558 1.514 1.444 1.381 1.308 1.249 1.158 1.158 1.136 1.087 1.062 1.030 1.003 0.994 1.000 0.989 0.958 0.939 0.929 2017 1.1% 2.599 2.609 2.617 2.571 2.479 2.391 2.297 2.225 2.154 2.061 1.969 1.881 1.829 1.802 1.757 1.684 1.615 1.575 1.531 1.459 1.397 1.323 1.263
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