KANSAS CITY, Mo. — The most recent consumer price index report is expected soon and a slight increase is expected, along with other economic indicators.
With the vast definition of the word inflation, KSHB 41's Abby Dodge went out into the Kansas City community to ask citizens what it means to them.
Some people leaned on a textbook definition, while others shared more personal experiences with money.
“I live paycheck to paycheck basically,” Tramar Yancey said. “So it just makes me feel like, 'Am I ever going to get out of this vicious cycle?'"
Some citizens shared a similar feeling, despite making "good money," blaming their tight budget on the rising cost of goods.
“Very basically, your paycheck doesn’t go as far," Serbastian Collins said. “Corporations are a lot more greedy now. So even when that cost goes down, they leave the price up so they make record profits, but we don’t make any money.”
When people read articles about the Consumer Price Index, inflation is used in a scientific sense.
The term refers to the rise in the price of a certain item month to month or year over year.
In a casual conversation, inflation could mean you feel the price is too high.
Lisa McLendon, a University of Kansas journalism and mass communications professor, said active users of the language determine the definition.
“Language is determined by the users,” McLendon said. “We, the users of English, and the ones who determine the meaning.”
She said two uses of the word can exist at the same time.
“Economists are going to have a pretty specific definition of what they mean by inflation," McLendon said. "But the average person is just going to go to the grocery store and say, 'Oh my gosh, this product has gone up again.'"
Some Kansas Citians recognize the positive side to inflation for people with assets.
“Inflation in some respects is good,” said Brad, a retired banker and former Overland Park resident. “Because certainly we all love it when the stock market goes up. We love it when the price of our homes go up; when our investments go up."
For the average American, they’re thinking about finances in the short-term.
“The price of some of the items that you buy all the time are at least a dollar higher," said retiree Sally Grant. “It’s a struggle to put that into your budget and I’m retired.”
Grant added she does not feel inflation will become too astronomical that she cannot make adjustments.
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