Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Consumer prices increase 2.6 percent

bls.gov

Post reply on HN
Print view View original

31–40 of 195 posts

Re: Consumer prices increase 2.6 percent

#31

Post by ellipsisfrog »

notyourday wrote: post #3

Anyone who has been to a supermarket in the last 12 months knows that the 2.6 percent increase in consumer prices is observably not true. I buy the same basket of the generic products ( chicken quarters, produce, beef, eggs, bacon, dairy products ) . Compared to this time in 2020 I'm spending at least 20% more. People who buy processed food(s) are spending at least 30% more.

You are being downvoted but this is also my experience. My grocery bill is up more than 15% like for like (I shop exclusively online so it's easy to track) and more than that in total because of volume increases. My utility rates are up >10%. Housing costs are way up where I live. I would guess my overall baseline cost of living is up at least 10% when you remove the impact from lower commuting and eating out costs.

Re: Consumer prices increase 2.6 percent

#32

Post by minhazm »

notyourday wrote: post #20
vkou wrote: post #11

Earlier quoted context omitted.

On the other hand, anyone who's been trying to rent an apartment in a metro area for the last 12 months also knows that rent has dropped ~15-20%. I can't speak for you, but I pay a lot more for rent, than I do for groceries.

That only happened if you managed to sign the lease during the dip. The rents started to appreciably drop last summer, this means that over the past 12 months only people whose leases expired between summer and now were able to lock in the savings. I, for example, was not that lucky. So I'm just not going to have a massive rent increase.

That's a period of like 10+ months. Peak rental season is usually in the summer too. Most people who were on 12 month leases would have had an opportunity to sign a new lease in this time. Even if they didn't, it's not like rents have recovered, you can still get far cheaper rent in many areas and will likely continue to be able to do for the next few months at least.

Re: Consumer prices increase 2.6 percent

#33

Post by executive »

ardit33 wrote: post #8
notyourday wrote: post #3

Anyone who has been to a supermarket in the last 12 months knows that the 2.6 percent increase in consumer prices is observably not true. I buy the same basket of the generic products ( chicken quarters, produce, beef, eggs, bacon, dairy products ) . Compared to this time in 2020 I'm spending at least 20% more. People who buy processed food(s) are spending at least 30% more.

Since I cook meat often, I kept track of the Trader Joe's meats from early 2020, to know Flank steak went from $8.99/lb to $12/lb NY Strip, from $10.99 to $14.99 Fillet Mignon from $18.99 to $24.99 Chick has gone up the same. For many food items, inflation is 10% - 15% or more

Just post the in-store prices and there will be an end to the horror.

Re: Consumer prices increase 2.6 percent

#34

Post by henriquez »

drewcon wrote: post #17
ardit33 wrote: post #12

Earlier quoted context omitted.

CPI is rigged, as it doesn't account for many items that people spend money on If you think it is a fair indication, I have a bridge to sell to you

CPI isn’t “rigged”. CPI measures exactly what it measures and measures it transparently. Whether you think it and it’s constituent parts are good metric for measuring inflation is a different conversation. But that doesn’t make it “rigged”.

CPI is rigged in the sense that it is one attribute that status quo-apologists trot out to say “nothing to see here” when the real cost of goods is observably higher for all but the ultra-wealthy. “It’s not hyperinflation, it’s just that everything you conceivably want to buy is coincidentally much more expensive, because [reasons].”

Re: Consumer prices increase 2.6 percent

#35

Post by zaptheimpaler »

blsapologist42 wrote: post #23
nostromo wrote: post #7

Some non-CPI items like cars (new and used) and basic commodities like lumber have grown a lot more than 2.6%. Correction: CPI does include new and used car prices, after a lot of adjustments, at 3.7% and 2.5%, respectively. It's important to note though that the median cost of cars sold has grown much faster than the CPI car numbers. This is because the BLS tries to account for car quality, so even though you're pay…

Cars are included in the CPI. Don't spread FUD. https://www.bls.gov/cpi/factsheets/new-vehicles.htm

https://www.epsilontheory.com/im-trying-to-understand-hedoni...

"A Honda Accord cost $12,000 in 1990 and it costs $25,000 now.

A Mustang was $9,000 and now it’s $27,000.

The BLS has new car prices close to unchanged over the past 30 years."

Whatever you think of the validity of "hedonic adjustments", this is certainly not what I would expect when BLS reports car prices as unchanged during that period.

Re: Consumer prices increase 2.6 percent

#36

Post by stretchwithme »

blsapologist42 wrote: post #23
nostromo wrote: post #7

Some non-CPI items like cars (new and used) and basic commodities like lumber have grown a lot more than 2.6%. Correction: CPI does include new and used car prices, after a lot of adjustments, at 3.7% and 2.5%, respectively. It's important to note though that the median cost of cars sold has grown much faster than the CPI car numbers. This is because the BLS tries to account for car quality, so even though you're pay…

Cars are included in the CPI. Don't spread FUD. https://www.bls.gov/cpi/factsheets/new-vehicles.htm

If by FUD you mean doubt in the validity of government statistics, you are correct.

But deceptive things should be doubted.

Re: Consumer prices increase 2.6 percent

#37

Post by a-posteriori »

blsapologist42 wrote: post #23
nostromo wrote: post #7

Some non-CPI items like cars (new and used) and basic commodities like lumber have grown a lot more than 2.6%. Correction: CPI does include new and used car prices, after a lot of adjustments, at 3.7% and 2.5%, respectively. It's important to note though that the median cost of cars sold has grown much faster than the CPI car numbers. This is because the BLS tries to account for car quality, so even though you're pay…

Cars are included in the CPI. Don't spread FUD. https://www.bls.gov/cpi/factsheets/new-vehicles.htm

Why is questioning the CPI methodology FUD?

Re: Consumer prices increase 2.6 percent

#38

Post by koalaman »

vkou wrote: post #11
notyourday wrote: post #3

Anyone who has been to a supermarket in the last 12 months knows that the 2.6 percent increase in consumer prices is observably not true. I buy the same basket of the generic products ( chicken quarters, produce, beef, eggs, bacon, dairy products ) . Compared to this time in 2020 I'm spending at least 20% more. People who buy processed food(s) are spending at least 30% more.

On the other hand, anyone who's been trying to rent an apartment in a metro area for the last 12 months also knows that rent has dropped ~15-20%. I can't speak for you, but I pay a lot more for rent, than I do for groceries.

Not in Montreal. Rents and house prices are up up to 50% since COVID started.

Re: Consumer prices increase 2.6 percent

#39

Post by aeternum »

nostromo wrote: post #25
rwcarlsen wrote: post #18

Earlier quoted context omitted.

Yeah 2x4's are literally 4x what they were just over a year ago. And I couldn't find an architect to help me with my house this spring at any price.

Lumber is so expensive now, I fear it's going to worsen the housing shortage and increase the cost of existing homes. I know a small developer trying to build townhouses and he's unable to source the lumber needed at any price.

The issue is just a bottleneck at the sawmills, likely due to labor shortage or covid restrictions.

There's still an oversupply of trees, and (unfortunately) tree farmers have not seen any increase in price for the raw lumber.

Similar things happened with the meat processing plants and food/vegetable packaging.

Re: Consumer prices increase 2.6 percent

#40

Post by [deleted] »

blsapologist42 wrote: post #23
nostromo wrote: post #7

Some non-CPI items like cars (new and used) and basic commodities like lumber have grown a lot more than 2.6%. Correction: CPI does include new and used car prices, after a lot of adjustments, at 3.7% and 2.5%, respectively. It's important to note though that the median cost of cars sold has grown much faster than the CPI car numbers. This is because the BLS tries to account for car quality, so even though you're pay…

Cars are included in the CPI. Don't spread FUD. https://www.bls.gov/cpi/factsheets/new-vehicles.htm

[deleted]
Post reply on HN