Inflation in America may be even worse than thought
Inflation in America may be even worse than thought
"Changes to the construction of the consumer-price index have distorted comparisons."
The Economist,
America's federal reserve, which is set to meet on June 14th and 15th, has a difficult task ahead of it. Consumer prices in May were 8.6% higher than a year earlier—the greatest increase since 1981. Petrol prices, in nominal terms, are at a record high. And geopolitical tensions are weighing on economic growth. One source of comfort is that May's official reading pales in comparison with the Great Inflation that American consumers endured during the 1970s and early 1980s. But new research suggests that comparing past and current levels of inflation in America may be misleading.
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