# Summers: Inflation Reached 18% In 2022 Using The Previous Formula

Source: https://www.forbes.com/sites/theapothecary/2024/03/23/summers-inflation-reached-18-in-2022-using-the-governments-previous-formula
Kiwi News: https://news.kiwistand.com/stories/Summers-Inflation-Reached-18percent-In-2022-Using-The-Previous-Formula?index=0x661bf82e9bfdb2f8ab0103017a60bdbc800f7f3eeaa02cdf9d685305774beb8d8394aa8c
Submitted by tim on 2024-04-14 UTC, 2 upvotes, 1 comment

## Comments

**tim**: > “Consumers are including the cost of money in their perspective on their economic well-being, while economists are not,” the authors conclude.

This is somewhat funny and hard-hitting. Ever since inflation started, people have criticized the methodology of the CPI's construction, for example, on Twitter.
I also often looked at Truflation rather than the official numbers. It felt a bit like reading multiple newspapers to eliminate bias.

Nikolai Mushegian often called the Fed the "Central Banking Cartel," and somehow, this is becoming increasingly true for me personally. It is very strange that an unelected group of people can make fundamental decisions about the fiat currency in which we store our value.