Column: Over time, modest inflation takes big bite out of budgets

Is inflation a problem that should concern retired citizens? The answer is, in the best tradition of economic thinking, yes and no. Plus, I must add, it all depends....

Inflation is a general rise in prices. Not all prices may rise at the same rate, but the tendency is for an upward movement across the board.

Inflation is not a concern for a person whose income and assets are rising at approximately the same rate as prices. If, however, your income is fixed and prices are rising, you will have to cut back on your purchases. That means less beer and/or less pizza; your quality of life declines.

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