Government has been lying to everyone, including itself, about the rate of inflation. The government claims that cumulative inflation since 2011 is 7.2%; whereas, the Chapwood Index claims that real prices of the top 500 items purchased by Americans in America’s 50 largest cities have risen a cumulative 47.1%.

The Chapwood Index also challenges the government’s claim that nominal GDP has grown by 18.1% since 2011, which would mean that real GDP is up by 10.9% (the difference between nominal GDP of 18.1% and inflation of 7.2%). But Chapwood claims that real GDP has FALLEN by 21.4%!