NEW YORK – The US Bureau of Labor Statistics says that consumer prices rose 8.2% over the past year, but to most American families, the real inflation rate is 20%, the highest in US history.
Rent, food, energy and automobiles account for 63% of the US Consumer Price Index (CPI), but for the majority of US families, they make up the vast majority of monthly expenditures.
US inflation spiked in 2021 after the newly-elected Biden administration kept federal expenditures at an unprecedented 30% of US gross domestic product (GDP), compared to around 20% for the preceding 30 years, as I reported on June 21.
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