When someone talks to me about inflation the conversations varies based on that person's experience. For example, my grandmother is likely to comment on high food prices and the rising costs. My father notices the rise in gasoline prices. Most college students notice the rising tuition costs of the price increases in the coffee shops. For most, our inflationary measures are very narrow. My grandmother is older and lives on a fixed income, my father drives his RV, and most college students have a second home in the nearby coffee shop. When I mention that inflation is actually really low and not so far in the recent past we were worried about deflation I get the very puzzled looks.
The Federal Reserve Bank of Atlanta has now created a calculator that shows inflation according to household income. Instead of measuring a common household basket they have created a market basket that varies by income. Try it here.