The Consumer Price Index (CPI) is often used as a standard way to follow inflation. It measures the average change in prices from one year to the next. When the CPI increases, it’s a sign that overall living costs are on the rise. In May 2021, the CPI for all items increased 5 percent before seasonal adjustment, according to the Bureau of Labor Statistics (pdf). Besides the CPI, “real inflation can be seen at the grocery store, car lots, home prices, and just about everywhere,” says Denny Artache, certified Social Security claiming strategist and financial advisor with Peak Brokerage Services, LLC. Inflation is also reflected in money over time: a $1 million nest egg today won’t be able to purchase the same amount of goods or services in the future. If inflation rates increase, the value of each dollar will continue to decrease during the years ahead. The good news …