How can inflation be only a few percentage points and yet many goods and services are up over 50% since 2019?

Question

How can inflation be only a few percentage points and yet many goods and services are up over 50% since 2019?

In: 187

Answer 1

Imo the simplest answer is: global governments have incentive to lie or massage the numbers. The “basket of goods” (the items for which inflation is calculated on) intentionally leaves out certain items to make reported inflation seem lower than reality. Eg many places do not include rent in their inflation calculation, which are constantly sky-rocketing, and yet rent is a critical need for most people and one of our biggest expenses.