The Federal Reserve building is seen before the Federal Reserve board is expected to signal plans to raise interest rates in March, in Washington, on Jan. 26, 2022. Joshua Roberts/Reuters
The U.S. government’s Consumer Price Index indicates prices have increased 7.9 percent in the last year. While this statistic shows the highest rate of increase in forty years, it still understates the amount prices have increased, in part because the statistic is manipulated to minimize reported price increases.
