When it comes to inflation, the price might not always be right, and that has consequences for the nation’s economy and the pocketbooks of average Americans.
The pace at which prices are rising — known as the inflation rate — is crucial to important policy decisions, such as setting the poverty threshold used for food stamps and other government assistance.
In recent years, inflation has been sluggish as the economy has recovered from the Great Recession. It’s the reason why Social Security recipients are expected to find out this week they’ll get only a tiny cost of living increase next year.
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