Is inflation at 2.3% really good news for you? A Mental Model Approach - May 2024 announcement

What is inflation? What does it mean for you? How is it calculated? Does a change from 3.2% to 2.3% (March to April 2024) mean a 0.9% drop inflation?
In this video I explore these questions and if things are getting any better in the real world.
Timestamps:
0:00 - Intro
1:00 - Explanation and basic facts
2:20 - Inflation since the beginning of the year
2:56 - time period and what it means
4:00 - Example: Index number
6:20 - The inflation calculation
7:50 - the weightings of groups
8:20 - What does 2.3% for April and 3.2% for March mean?
9:22 - Month on Month comparisons
3:54 - Example 2: ONS index numbers comparisons month on month and 12 months
12:00 - What does this mean? Are things getting better?
16:22 - Inflation specific to you
18:36 - Eye watering increases
20:08 - Increase prices by 1/2 a penny every month
21:11 - Wrap Up
21:43 - Check out my previous videos
Links to my other videos:
Dunning Kruger Effect: • Lack knowledge but kno...
Multiplying by Zero: • Multiplying by Zero - ...

[@user-qp1lz8my7b]

It's great to see inflation has come down