No matter where you live in the world, rising inflation deflates peoples hard earned money. This makes it extremely unattractive for the partisan Central Bank’s across the world to report that inflation is high. They usually under report the actual value of inflation.
Over time the US Federal government has adjusted the definition of the CPI (Consumer Price Index) which measures inflation. The Bureau of Labour Statistics has evolved the calculation from a cost of goods index to a cost-of-living index. According to the US government, adjustments have been made so inflation is not overstated when reported. The new number takes the quality of goods and substitution for goods into account. David Ranson, an American economist mentions that the current CPI number is a lagging indicator. He looks to commodity prices as a better indicator for current inflation.