The new consumer price numbers released this morning show a gradual retreat on the inflation front, with the annual rate falling from 8.5% to 8.3%.
But we’re getting a lot of pushback from many of our readers who don’t believe this “official” number. We hear the same complaint regularly: the REAL inflation rate that families are paying in their day-to-day purchases is closer to 20% or more. With food prices up by closer to 18% and energy prices up more than 50%, the rage is understandable. The complaint may have some merit as well.
Here are the inflation rates for the major items that people buy each day or week: