Many experts are looking at it the wrong way. The White House, the news media and Wall Street largely focus on the monthly reports that say how much inflation rose over the past month and year. For example, the latest read was 3.1 percent from January 2023 to January 2024 — down significantly from 6.4 percent a year ago. But many Americans think about inflation over a longer time, focusing on the cumulative increase since 2020. The number that sticks in most people’s heads is 20 percent. This is roughly how much inflation is up since the coronavirus pandemic began. (It’s up about 18 percent since Biden took office).

Inflation has shocked and angered Americans. It doesn’t help that prices for many of the most visible items that people pay for frequently — gas, groceries, electricity and rent — have surged since 2021. Rent is up nearly 20 percent, while groceries are up 21 percent. Meanwhile, electricity is up 28 percent and gas is almost 35 percent higher. Some can recall what they used to pay. And on budget or banking apps, it’s easier than ever to compare costs now with those a few years back. Americans haven’t spent this much of their income on food in 30 years. And they don’t need to know the exact data to feel the sting. ...

Since 2020, average hourly wages are up 21.5 percent — compared with about 20 percent inflation. The picture is slightly less rosy since January 2021: Wages are up 15.4 percent vs. 18 percent for inflation. But these are averages. Remember that essentials — gas, groceries, rent and car insurance — are up more.