Inflation is a top concern of voters. Yet economists generally argue that the costs of inflation are exaggerated. Can we reconcile these views? To begin, inflation as measured by the Consumer Price Index (CPI) has fallen significantly since hitting 9.1 percent in June 2022. Inflation was 7 percent for all of 2022 but only 2.9 percent in July. Remember also that inflation is the rate of change in prices. A decline in infla
