This Economist Says US Inflation Is Much Higher Than Claimed

While the federal government tries to tamp down fears and frustration over inflation hitting a more than 40-year high of 8.54%, one economist is sounding the alarm and saying those distressing stats are significantly underreported, with actual year-to-year inflation rates hitting a whopping 16.8% in March – the steepest rate since June 1947.

Economist John Williams, who runs the Shadow Government Statistics website that analyzes government economic reporting, said there are several reasons why official reports often understate inflation and one of the primary factors is the way in which the consumer price index is calculated.