The way the CPI data is calculated is shenanigans

Current overall inflation rate in USA is 8.3%.

Energy (overall): 23.8%, food (overall): 11.4%, gas: 25.6%, fuel oil: 68.8%, natural gas: 33%.

How come the official rate is only 8.3%?

About food, here's the catch: the CPI is calculated solely based on items on the shopping cart. So if an item went up by 30% and is not on the shopping cart anymore (because of its rise in price), and you substitute it for another (e.g. replacing beef by chicken), this substitution is not taken into account when calculating the inflation rate.

The index also gives higher weight to urban areas, not taking into account rural residents at all. They make roughly 17% of the population.

The index does not account for the items that shrunk but are sold for the same price, e.g. a 100g chocolate bar that was sold by $1 last year, is now only 80g, but for the same price.

It doesn't account for innovations very well, so even if an item represents a huge % of consumer's expenditure, it might not be included in the calculation until the item is well established in all classes of society.

The CPI does not represent all production or consumption in the economy. Goods taken into account are a small sample of one's expenditures.

The list could go on and on. I honestly think things are as dire as they seem, and the 8.3% is smoke and mirrors. I'd brace for more hikes and such until an eventual meltdown.

What are your views on this?