Economics & Markets
Inflation
General increase in prices over time, reducing the purchasing power of your money.
Also known as: price inflation, inflation rate
What You Need to Know
Inflation is the silent eroder of buying power. Prices rise over time, so the $100 in your wallet today buys less than it did 5 years ago.
Pet Ownership & Inflation:
- Veterinary costs rise 3.5-5% annually (faster than general inflation)
- A $3,000/year pet today costs $4,300/year in 10 years at 3.5% inflation
- Over a 12-year pet lifetime, inflation adds 20-30% to total costs
Why Pets Feel More Expensive Over Time:
- Senior care (age 7+) drives up vet visits and medications
- Quality food prices increase with demand
- Prescription pet medications follow broader drug price trends
Planning for Inflation:
- Build it into your pet cost calculator (use 3-3.5% annual rate)
- Budget conservatively to avoid mid-life shocks
- Consider pet insurance earlier rather than later (rates lock in)
Sources & References
This information is sourced from authoritative government and academic institutions:
- bls.gov
https://www.bls.gov/cpi/
- federalreserve.gov
https://www.federalreserve.gov/faqs/economy_14419.htm
Related Calculators & Tools
Put your knowledge into action with these interactive tools:
Inflation Impact Analyzer
Calculate purchasing power erosion, compare historical prices, and analyze minimum wage real value over decades
Try Calculator →
Personal Inflation Calculator
Calculate YOUR personal inflation rate based on your actual spending patterns and see required income growth
Try Calculator →