Unless you’ve been living under the world’s biggest rock over the past six months, you know that the United States is experiencing unprecedented inflation.
The consumer price index (CPI), the most popular index measuring inflation, shows the price of consumer products and services jumped 6.2 percent from October 2020 to October 2021 — the fastest 12-month increase in nearly 31 years.
CPI data from the Bureau of Labor Statistics reveal that virtually every aspect of the U.S. economy has been impacted by the inflation. The price of milk has increased 17 percent. Egg prices have risen 42 percent. Energy service prices have increased more than 11 percent.
But as bad as the widely reported CPI inflation figures are, a closer evaluation of key industries reveals that for millions of families, especially those seeking to purchase higher-priced items such as a car or home, inflation is having an even worse impact than the CPI’s topline figures show.
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