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

You are probably subconsciously thinking of prices several years ago, not this time last year. I was talking to my parents not long ago and they were talking about pre pandemic prices, and that was over 4 years ago.

I buy a lot of “low end” foods and haven’t seen prices go up much at all. Pasta is still dirt cheap, the store brand canned goods, fruits and vegetables in the non organic section are still very reasonable. I can still shop for a weeks worth of groceries for 30 bucks. Only when looking at name brand and specialty goods do I notice sticker shock.