Why do the “official” numbers on food inflation state it’s gone up by tiny amounts like 8%, 19%, 11%, etc. but most of the foods I see has gone up by a minimum of 50%, 100%, 80%?

Question

Why do the “official” numbers on food inflation state it’s gone up by tiny amounts like 8%, 19%, 11%, etc. but most of the foods I see has gone up by a minimum of 50%, 100%, 80%?

In: Economics

Answer 1

Is food up 50% from the price last year? Or is it up 50% from the price a few years ago?

If the food you buy went up 10% every year (just as an example), it would now be almost 50% more than it cost back in 2020. But food inflation would never have exceeded 10%.