When it comes to inflation, the official data tell one story. The experience of people often tells another. That's what happened in 2025. Consumer-price index (CPI) statistics indicated a gradual easing of inflation from the higher levels of the previous two years. But many shoppers continued to perceive persistently high prices as a stranglehold on their finances. Whether they priced cars or a pound of beef at the supermarket, the sticker shock remained. To track inflation, the Federal Reserve closely monitors the core personal-consumption expenditure (PCE) price index, which doesn't include food and energy costs. ... (full story)