These are American numbers but pretty clear the reported CPI numbers are pure B.S., as I have said many times. Food inflation in Canada has actually been even worse.
7) Is CPI Understating Food Inflation?
A WSJ analysis found that a commonly purchased basket of supermarket goods has increased in price by 36.5% over the past 4 years (+8.1% per year). This is much higher than the US Government CPI figures which show food price inflation of 25.2% over the last 4 years (+5.8%/year).
Meanwhile, average hourly earnings in the US have increased 21% over the past 4 years (+4.9% per year). This is one reason why many Americans, particularly those with lower incomes, feel like they’re falling behind.
For all of you that believe the highest income earners pay next to no tax, or far below their fair share, this might be of interest.
The top 1% of income earners in America made 26% of the country’s total income in 2021 and paid 46% of total income taxes (their avg tax rate: 26%). The bottom 50% of income earners made 10% of total income and paid 2% of total income taxes (their avg tax rate: 3%).
