When they say inflation is 8%, it is y-o-y ie compared with ...
When they say inflation is 8%, it is y-o-y ie compared with Oct ‘21, prices inflated 8% in Oct ‘22. So a burger that cost $2 in Oct ‘21 now costs $2.16. Assuming in Oct ‘23, the inflation is down to 2% compared with Oct ‘22, the same burger will then cost $2.16 X 1.02=$2.20.
Unless there is deflation, the burger will never be the same price as in Oct ‘21.
Unless there is deflation, the burger will never be the same price as in Oct ‘21.
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