It is common for someone to want to know if his/her annual pay is keeping pace with inflation from year-to-year. There are two different approaches to calculating inflation adjusted figures:
(1) State the series in terms of most recent year's dollars, or
(2) Use the beginning year of the series as the reference point. The U.S. Bureau of the Census uses the first approach to present ant compare median income figures for the past several years. The second approach is useful in determining if, for example, average or individual wages are keeping pace with inflation.
Find the latest data here. Direct questions to the DWS Chief Economist, Mark Knold, at (801) 526-9458.
