Perhaps the most misleading government statistic of all is the Consumer Price Index. The CPI is an incredibly important statistic because so many government programs that benefit American citizens are tied to that number.
It’s usually cited as the inflation rate, but it’s not really. The CPI is the rate of increase in a subjective “market basket” of goods and services. The things that concern you and me the most as far as price increases have very little to do with the CPI. The CPI doesn’t track food or gas prices at the pump, so the CPI that we see every month doesn’t tell us anything useful.
Right now, the CPI stands at 3.1%. That’s down from a high of 9.1% in June 2022. But even that doesn’t tell us the whole inflation story because along with skyrocketing food and gas prices, real wages failed to keep […]
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