Auto update cell price for inflation

[jeff2813]

Just wondering if its possible to update numbers by inflation on specific dates. As an example, i'd like a loaf of bread at $1 to automatically adjust for a predetermined inflation rate on every Jan 1. I know i can make columns but I'd like only one specific cell to constantly update annually. Thanks

 

[AlphaFrog]

A1 has the base price for say year 2010 and the predetermined inflation rate is 5%

This updates every year on Jan 1st

=FV(5%,YEAR(TODAY())-2010,0,-A1)