It also completely doesn't describe inflation over the past several years.
This is a confusing of an annual inflation rate and a quarterly inflation rate.
February 2021 is the first full month of the Biden Administration
The Consumer Price Index (CPI-U) was 263.014. The latest number is from August, it's 307.026 To get the percentage increase, you divide the 307 by the 263 which gives you 1.167. This is a 16.7% increase it's not 210% .
This is a 16.7% increase happened over 30 months. That's a less than 2% quarterly inflation rate. It's 1.67% quarterly inflation rate.
If you use the CPI-W the numbers are very similar This 17.0% increase happened over 30 months. That's a less than 2% quarterly inflation rate. It's 1.70% quarterly inflation rate.
Feel free to check my math. But when they say inflation was up 5% last quarter......the comparison is to the same time last year (4 full quarters). It's not a 5% increase from last quarter.
It also completely doesn't describe inflation over the past several years.
This is a confusing of an annual inflation rate and a quarterly inflation rate.