Inflation rates can differ for various items, but they are typically reported by different agencies for different categories, like food, healthcare, education, etc. You can easily find this information online from sources such as government reports or financial websites.
For specific items, like petrol, you can calculate inflation using a Compound Annual Growth Rate (CAGR) calculator. Here’s a simple way to do it:
- Determine the Initial and Current Prices: For example, if petrol in Delhi was Rs 62 in July 2016 and is Rs 94 now.
- Calculate the Time Period: The time from July 2016 to the present is 8 years.
- Use a CAGR Calculator: Input these values into a CAGR calculator. For the petrol example, the CAGR calculator will give you an annual inflation rate of approximately 5.34%.
You can find many CAGR calculators online to help with these calculations. This approach lets you gauge the inflation rate for specific items over a set period.