The Consumer Price Index (CPI) is used to measure inflation rates. Inflation measures the changes in the purchasing power of your dollar. CPI measures the changes in the prices of goods and services. CPI is a snapshot measure of inflation (the inflation rate over a specific period of time).


Visit https://www.bankofcanada.ca/rates/related/inflation-calculator/. Calculate the annual rate of inflation for the year you were born; then, compare it to the annual rate of inflation for the year of a relative's birth (perhaps a parent or grandparent).