Inflation pain is worse than the CPI indicates, but you already knew that!

We all intuitively know that prices are rising faster than the Consumer Price Index (CPI) indicates. We feel the pain every time we go to the grocery store or gas station. But just how much is price inflation impacting us here on Main Street? I started pondering this question the other day when I ran across a graph tracking the price of a can of Campbell’s Tomato Soup since 1895. You’ll notice an interesting phenomenon. The cost of a can of soup remained relatively stable until around 1973, when it suddenly started to climb more rapidly. And what happened in...