Even though normally we all use a specified inflation rate per country for financial calculations (i.e real returns, salary increases, etc..) isn't it possible for the inflation rate to have different impact on different individuals? In that case, is it possible to estimate one's individual inflation rate as opposed to a population wide average inflation rate?
Inflation gets a lot of press but people rarely stop to think about how they would measure inflation. Prices do not go up equally for all items in the market. Market prices are ever changing in response to supply, consumer demand, and money devaluation. New money printed by the Fed (in the US) may flow into one area of the economy and not affect other areas which would causes certain items to be more inflationary than others.
As you mention, different people will have varying levels of exposure to the items that are inflating more rapidly than others. I may have a long commute to work so I'm more exposed to rising prices in gas. You may live in a city and walk to work so gas prices do not affect you as much. I may be a vegetarian so I'm not sensitive to meat, pork, and chicken prices. There are also lots of items that I never purchase that are used to calculate the inflation rate. Inflation is not as easy to measure as some think.
The only way I know to measure a personal inflation rate would be to track your expenses every month (by unit - $ per 16 oz of bread, $ per gallon of gas, etc.). If you see your personal inflation rate rising faster than the government rate then you know you are more exposed to inflation (at least according to the government's way of measuring inflation - which uses hedonics, geometrically weighted averages, substitution, and other political magic).
In short, if your expenses do not match the CPI expense distribution (see chart) then you will not have the same level of exposure to the government reported inflation.
Inflation is the devaluation of currency based on the rising cost of goods or services. So unless the person is seeing prices rise for them alone, I don't think the concept of personal inflation makes any sense.