Inverting Amplifier Not Giving Gain of -2.2

As pointed out by Gsills, there is no negative power rail for it to go negative. The LM358 is a pretty old, and for general purposes where you would 'expect' rail-to-rail ( 0V -> VCC) outputs it doesn't cut it.

Your comment of using an MCP6002 is a good idea, it will definitely get the job done. Just make sure it's slew rate and in general it's bandwidth ratings can do the frequency of expected signals you need. If you are doing things mostly at DC then it's fine.

If you expect the output to increase with the input, then use non-inverting arrangement. If you want your output to go towards 0V as the input increases (negative feedback) then you would want the inverting arrangement.

to give it a negative supply, try a simple 7905 series linear regulator. http://www.jaycar.com.au/images_uploaded/LM7905.PDF

Also do not forget to place local supply supply decoupling capacitors for supply rails, as fast changes in the opamp output will sag/not behave correctly if there is a lack of available current/energy storage nearby.

If you wish this circuit to function with only a single 5V supply available you are going to have create a negative rail somehow. A DC-DC converter or a 7660 charge pump will do it. Some use a MAX232 to generate +/-9V with the help of a few capacitors.

It needs a negative rail. Without that it can't go below ground. Also the LM358 isn't really rail to rail. It can work near ground, but not at it, and it needs about 1.5V from the positive supply.