16. Inflation rates can be deceptive. Many people face hidden inflation since the cost of necessities (food,
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16. Inflation rates can be deceptive. Many people face hidden inflation since the cost of necessities (food, gas, health care), on which they spend most of their money, may rise at a higher rate than nonessential items which could be dropping in price. Explain how the reported inflation rate could be much lower than the actual cost-ofliving increases experienced by consumers.
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