The Bureau of Labor Statistics (BLS), which issues the monthly consumer price index (CPI), has changed its methodology for measuring inflation more than twice over the past few decades.If we use the BLS’s methodology from 1980, prices actually increased 16.8% last month, which is almost double the official CPI print.Since the start of the pandemic, rampant money-printing by central banks, including the Federal Reserve, has flooded the economy with cheap liquidity.The good news is that economic conditions are not nearly as bad as they’ve been in prior periods of high inflation.As I heard many times at last week’s Bitcoin 2022 conference in Miami, “Bitcoin fixes this.”.
