The term personal inflation rate is used to describe the rate of particular price increases in the market in Halifax individuals, couples, and families. The best way I can describe personal inflation rate is is to give to particular examples. I will do so below.
The personal inflation rate for young couple with children and are in their early twenties is much much higher than the personal completion rate of an elderly retired couple. The retired couple does not have the same expenses as the young family does and most importantly will will not have the same expenses going forward and into the future.
In the example of the young couple however they will be spending a lot more money coming in the future including food, clothing, medical expenses, possible second vehicles, toys, activities, and entertainment. The young couple will have to support their children to school and perhaps her college and/or university. The young couples always have a lot more expenses because they use a lot more water, electricity, and every day utilities.
This is important because banks will use the term "personal inflation rate" when they are evaluating your ability to pay back your loan, make your mortgage payment, make your car payment, or any other kind of personal financing you need. I have not say this description very much online so I thought I would reiterate this definition today.
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