However, that kind of extrapolation can sometimes overstate the trend, especially if based on a single month of data. Inflation doesn’t always move linearly, and short-term spikes don’t always translate into sustained long-term increases.Schiff’s calculation takes those monthly increases and projects them forward over a full year — called ‘annualizing.’ Based on that approach, he argues inflation could be running at rates like 16.8% and 19.6%.Energy costs play a major role in this. A spike in oil prices can ...