Real-World Inflation Likely Higher Than Official Rate Due to Spiking Consumer Costs
• Official inflation numbers don't fully capture impact of rate hikes on consumers, says former Treasury Secretary Summers
• Study shows inflation peaked around 18% in 2022 based on pre-1983 metrics that accounted for borrowing costs
• Higher interest rates have put housing market in "lock-in" state, deterring buyers and sellers
• Mortgage rates at 2-decade highs while house prices yet to drop significantly from pandemic levels
• Discrepancy between official inflation numbers and consumer sentiment may be explained by excluded borrowing costs