By Laura Bliss and Klara Auerbach
Bloomberg News
Monday, September 22, 2025
Faced with runaway inflation during World War I, the U.S. Department of Labor came up with a handy tool. A single figure, the Consumer Price Index, would measure the changing cost of a basket of everyday items.
More than a century after its national debut in 1921, the CPI now encompasses 80,000 goods and services, from baby formula to college tuition. The index is used to adjust Social Security payments, federal income tax brackets and commercial rents, and it influences employer decisions on wages and salaries.
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The problem with this dependence on a single indicator is that not all Americans experience inflation the same way.
The CPI includes many items beyond the reach of working families, such as sports tickets, air travel, second homes, and golf carts. If the costs of basic necessities such as rent and medical care rise faster than those of nonessential goods, the index may not truly reflect the reality many households face.
That's exactly what’s happened over the past couple of decades, according to a forthcoming book, "The Mismeasurement of America: How Outdated Government Statistics Mask the Economic Struggle of Everyday Americans." ...
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