> The psychological implications of this are potentially huge because probably a lot of people think that inflation is rising 8%/month.
It does not help that all the big ticket items people are interested in purchasing (land, healthcare, education) have all been increasing at far greater rates than official statistics for 10+ years now.
Who cares if bread is inflating at 0.5% per year if the house you are saving for goes from $300k to $600k and the education you got for $20k/year is now $60k/year for your kids.