It would likely be higher than the record set in the early 1980s. I was listening to a podcast that said when the number was 7.5% that if CPI were calculated the same as it was in 1980, we would be over the 13.5% level we had then.
So the real problem is we just need to remove more things from CPI. Right? Right?
Yes, economic indices and indicators are regularly tweaked for political purposes, making it nearly impossible to compare figures across long stretches of time. I read recently that the “Foodstuffs Index” (or something like that, measuring only the cost of common foods) is up something like 43% or 47% over the past year or two. This certainly comports with what I’ve seen at my local grocery store. And now even Walmart’s prices are up sharply. There has to’ve been some serious fiddling to come up with a number like 7.3%.