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There is no possible way to make an inflation number that works for one person, let alone a whole country. The best you can do is have a statistic that you stay with and compare.
Ludwig Von Mises is sitting in his grave saying: I told you it was all relative.
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So this argument doesn't really belong in a discussion about annual inflation.
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Why is this downvoted ?
Because it’s antisocial behavior? Reflexively casting doubt (without a counter-argument) on a number that the BLS has been publishing for decades using a transparent methodology isn’t helpful. This number isn’t the “how much am I spending on groceries” number, it’s a much larger snapshot of the price levels across multiple industries. Nobody thinks it’s perfect, but it’s consistent . You might not believe it, but Wal…
RANT: This inflation and coming recession is entirely on the hands of the current leadership in the Fed and Treasury. Their super-low interest rates over the years are coming full circle. We live in a centrally planned economy. My advice to the Fed is to set the Fed Funds Rate to equal inflation! This will stop the wild swings in the economy and keep inflation in check. When the Fed Funds Rate is lower than inflation…
Yeah....and the inflation we're seeing elsewhere in the world is just a coincidence.
The US has it easy, since the inflation was largely caused by lockdown stimulus, and also benefits from being the global reserve currency so it can leverage cheap imports as the interest rate rises increase the value of USD. I wouldn't be surprised if it's better in a few months, especially with the growing protectionism in the anti-inflation act, etc. and acts against Chinese competition, etc. keeping more industry…
There was no Anti-Inflation Act, there was a spending... SPENDING bill they claimed would lower inflation because it also included a very limited amount of deficit reduction which 1 week later they had spent like 3 times on new programs including the Student Loan Cancellation which reversed any inflation reduction the original bill could have had (which was nill in the first place)
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According to the Arizona Ice Tea index, there has been NO inflation.
Costco Hot Dog feels the same.
So despite it still being a joke indicator, it does tell us something useful (which is a sort super rough cost of living indicator).
> "For this exercise, we’ll use the annual average CPI-U values for 1973 (44.4) and 2008 (215.303). Because the CPI-U includes relatively volatile items such as food and fuel, I tend to avoid the monthly values with their fluctuations. If you want to adjust to the most recent data available, consider averaging the most recent six months of CPI-U values."
https://anthonydebarros.com/2009/11/01/adjusting-for-inflati...
This is similar to analyzing climate trends, where you really want to look at 5-year running averages (possibly 10-year). Generally, 'response time of the system to forcing' is what matters, in both cases.
For those who were wondering if we would officially be in a recession after November 8 elections, the answer is still "no".
It bears repeating because this is a common mistake in inflation discussions: a decrease in inflation metrics means price increases are slowing down, it doesn’t mean that prices are going down （that would require a negative CPI print). Also, this number is year over year, so the decrease just means the price increases between Oct 21 and Oct 22 are not as steep as between Sept 21 to Sept 22, which is not hard to achie…