there has been high inflation in the US all along
what has happened is that this inflation has been 'compartmentalised' by the US govt through redefinitions of the CPI statistic until it shows low inflation
ie components which traditionally were also inputs into calculating CPI has been removed and replaced by other components tht were not used in the past
thus food price inflation, asset price inflation, etc etc has been removed from CPI and cost of other items in oversupply received greater weighting - this skews the 'core' CPI downwards which helped with govt expenditures as many items of spending is linked to CPI
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