“Chained CPI”. It works on the theory that consumers will change to a cheaper product if prices rise, so if you switch from steak to hotdogs, you really aren’t spending any more for food, so there hasn’t been any inflation.
Yep, it’s how they think in Washington.
Thank you. This explains so much.
Our shopping strategies are completely different from what they were 3 years ago. Back then, we had a ton of fresh produce. Now it’s frozen. (less waste) A *lot* more chicken and hamburger. Much less whole cuts of beef. Less fresh fruit. Fewer ‘treats’. More ingredients, less pre-packaged.
I’ve been wondering how the bastards have kept up the lie that there was almost no inflation.
Now I get it.