You can feel more assured when asking for a raise based on the cost of living after thoroughly learning about the Consumer Price Index. The CPI is a program that generates monthly data based on fluctuations in prices paid for goods and services by consumers who represent specific cities or towns.
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Understand CPI's uses. As an economic indicator, the CPI measures inflation. Some see it as a reflection of government economic policy effectiveness because it indicates price changes affecting public, private and governmental citizens. Additionally, each of these entities uses CPI as a model for economic decision-making.
Learn how the CPI adjusts dollar values. Simply stated, when prices for goods and services increase, the purchasing power of a consumer's dollar decreases.
Know the different populations affected by CPI. The CPI determines changes to a consumer's salary such as his Social Security tax. The CPI also makes adjustments for income eligibility levels for governmental assistance programs. Additionally, CPI affects millions of Americans through cost-of-living wage adjustments. Furthermore, CPI changes affect the meal costs for children who eat school lunches and adjustments to Federal Income Tax.
Ask for a raise based on the cost of living cautiously. Sources say that the CPI falls short of being a complete cost of living indicator. In other words, a comprehensive index would go beyond tracking changes in goods and services over time and consider other factors affecting consumer well-being such as environmental changes. In addition, the CPI inadequately measures broad services such as education, health and safety. Therefore, use caution when asking for a CPI based pay raise.
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