The most recent report from the Bureau of Labor Statistics estimates inflation averaging 8.6% over the last 12 months.

This means that $1 today has the same purchasing power as $0.93 in 2021. The same money cannot buy as much today as 12 months ago, meaning that earnings are effectively lower due to inflation. Put another way, people need to spend 8.6% more today than they would have in 2021 for the same item.
The value of the US dollar has strengthened against many foreign currencies this year, despite losing purchasing power due to inflation. It was 11% stronger against the Euro in April 2022 than in April 2021, for example. This is not true for all currencies, however, as the dollar’s strength relative to the Mexican Peso and Canadian Dollar have remained roughly flat.

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