That’s because the year-over-year inflation only looks back one year, even though inflation has been persistently high for the last two years.
To get a more accurate sense of how prices have risen, CNBC Make It looked at consumer price index data since April 2021 to see how much more Americans are actually paying for everyday items.
In that time, the cost of essentials like groceries, utilities and gas increased by 20% or more. The cost of all items on the index increased by 13% in that time.
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