CPI vs. Zoe’s Grocery Receipt: Which Inflation Measure Tells the Truth?

In a welcome reminder that all inflation measurements are fundamentally arbitrary, a recent TikTok went viral for showing the extremes of inflation over the last two decades. Perhaps this virality will teach Gen Z a thing or two about inflation, its true causes, and why the state is prone to downplay the true extent of inflation.

The following article was originally published by the Mises Institute. The opinions expressed do not necessarily reflect those of Peter Schiff or SchiffGold.

Twenty-four-year-old dental hygienist and newlywed Zoe Dippel made an interesting discovery that went viral on TikTok. She was flipping through her sister-in-law’s photo album when a lengthy grocery receipt from June 20, 1997 fell out. One hundred twenty-two items were listed on the receipt, including all sorts of food items and things like diapers, wipes, etc. needed for raising twin babies. A total of $155.34 was spent on this purchase. Dippel posted a video featuring the receipt, which has been viewed 2.8 million times over the past three weeks. Apparently, many young TikTokkers commenting on the video were surprised by just how low various prices were, and wanted to know just how much the entire basket of 122 items would cost now.

Dippel followed up with another video showing the comparison of 1997 to 2025 prices. She was able to enter the same items into an online curbside pick-up app to discover what the same grocery chain would charge for the same goods today. Over 28 and a half years, the total price for the 122 items had risen to $504.11. The magnitude of this increase in the cost of the basket—let’s call it Zoe’s Price Index (ZPI)—over this period means that ZPI has been increasing at an annualized rate of 4.2 percent.