Energy CPI:
If food and energy are discounted, yes inflation has been “moderate.” What has camouflaged the increase has been a relatively mild increase in housing/property prices. But food prices have increased the most I’ve ever seen in my lifetime.
And what has driven this recovery is what drives ALL economic recoveries - productivity. In other words, the producers work harder, smarter, and longer to tote the load of the ever growing rent-seeking class.
Energy CPI: