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

Usually because those numbers are year over year, but if you compound those rates over a few years, it gets pretty intense. Inflation has hid pretty hard since 2019.