It sounds about right, the last CPI was up 2.9%. The question is — will CPI inflation, and unemployment, and GDP numbers be accurate in the future?
Countries which falsified their economic data and also had their central banks under political control usually have done very poorly. They usually end up with hyperinflation, and low trust leading to low levels of investment, so adding to the already existing stagflationary pressures.
Have they been accurate in the past ? There have been concerns about the accuracy of official government numbers going back as far as I can remember….
Whether CPI was truly accurate is debated. Some researchers have argued that CPI and unemployment are higher than the official stats.
But this isn’t really new. Many economists feel that the U-3 number used by the BLS for awhile is not accurate.
Clinton cooked U-3 didn’t he?