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Why consumers think inflation is higher than the official data

lt will come as a surprise to many Americans that the Federal Reserve has considered disinflation, or the absence of rising prices, to be one of the most pressing problems facing the U.S. economy.

Despite inflation averaging less than the Fed's target rate of 2% per year since the financial crisis, surveys of consumers routinely show them perceiving inflation as closer to 10%:

Data: Federal Reserve Bank of St. Louis, Bureau of Labor Statistics; Chart: Andrew Witherspoon / Axios