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

Because they are looking at grocery store prices (eg, Walmart) for a ‘basket’ of goods the average citizen might buy.

Not restaurant prices for prepared-food, which is *severely* impacted by increases in the minimum wage (market or legal – doesn’t matter).