From a governmental standpoint, yes. For a you and I standpoint no. When I do a retirement plan I always forecast a more real inflation percentage to determine long term income needs. For example, I have now many clients who work from home and rarely drive. Prior to covid they drove a lot just to get to work. The rising gas prices hasn't affected them at all. Parents with big families can attest that their grocery bills are much higher than the stated CPI. When it comes to your personal finances, gauge to see how much you see how your monthly finances have increased - the true indicator!