How Can Inflation be Considered Low When Food and Gas Prices Are So High

How can inflation be considered low when food and gas prices are so high? Because there is a difference between inflation and relative price changes. Inflation is a general rise in prices usually measured by tracking the prices of a broad basket of goods and services, such as the Consumer Price Index (CPI). The CPI is a weighted index of a typical consumer’s market basket, which includes food and gas prices. Recently, there have been growing price pressures for these items, which highlight the importance of distinguishing between the two concepts.