>the loss in purchasing power is understated by CPI, because it has hit areas where people have little flexibility to reduce spending without reducing standard of living: food, transportation, etc.

"The thing I have noticed is when the anecdotes and the data disagree, the anecdotes are usually right. There's something wrong with the way you are measuring it". —Jeff Bezos <https://sports.yahoo.com/amazon-ceo-jeff-bezos-explains-2123...>