How can inflation be only a few percentage points and yet many goods and services are up over 50% since 2019?
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Inflation is always given as the percentage increase from one year ago. So if you see the inflation numbers for June 2023, it’s in comparison to June 2022. It’s also measures a lot of different things and averages them; an inflation rate of 3.5% does not mean that everything has increased by exactly 3.5% over the past year. Some things have increased more than that, some have increased less than that, and some things may have actually gone down in price.
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