A man carries shopping bags as he crosses the street in New York. Photo: AFP

Top officials from the US Bureau of Labor Statistics and Bureau of Economic Analysis say that official numbers have understated GDP growth, while inflation has been overstated, reports Bloomberg.

“The Bureau of Labor Statistics and Bureau of Economic Analysis agree that price index mismeasurement continues to lead to understated growth in real output over time,” wrote current and former officials from the agencies in a recent paper.

Julia Coronado, former Fed economist and president of MacroPolicy Perspectives says that, regarding GDP numbers, the paper’s conclusions “make a lot of sense but don’t really change the overall picture of a productivity slowdown.” But she added “It is more of a game changer for thinking about inflationary pressures.”