Yeah -- sounds like power factor -- it's not a resistive load.
http://en.wikipedia.org/wiki/Power_factor
The
power factor of an
AC electric power system is defined as the
ratio of the
real power flowing to the load to the
apparent power,
[1][2] and is a number between 0 and 1 (frequently expressed as a percentage, e.g. 0.5 pf = 50% pf). Real
power is the capacity of the circuit for performing work in a particular time. Apparent power is the product of the current and voltage of the circuit. Due to energy stored in the load and returned to the source, or due to a non-linear load that distorts the wave shape of the current drawn from the source, the apparent power can be greater than the real power.
also:
http://www.allaboutcircuits.com/vol_2/chpt_11/3.html
and
http://en.wikipedia.org/wiki/Volt-ampere
It's a little bit like if you fill a water tank which then feeds your faucet, it looks like you have a lot of water running and going down the drain, but you aren't because you have the water stored in the tank. That's like how electricity can be stored in an inductive or capacitive load.
If you know the voltage, switch the meter to measure amps and see if that works (and you can figure power as watts = volts X amps).