The Consumer Price Index (CPI), a common measure of inflation, grew at a 3.2% annual rate in April, the fastest rate since October 2008.1 For more than two years, the U.S. economy has experienced relatively low inflation, and the current rate remains below the 50-year average.2 Yet anyone who has been to a gas station or a grocery store recently may feel that prices are going up faster than the CPI suggests.



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