Change in Consumer Price Index, as measured by normal people and economists

[DrQ]

"Inflation" doesn't mean what it used to:​

Change in Consumer Price Index, as measured by normal people and economists​

The meaning of the word "inflation" has changed. It used to mean rising prices; now it means high prices.

https://www.axios.com/2024/05/26/inflation-definition-evolution-high-prices

 

[BJRSanDiego]

I believe that the Consumer Price Index does NOT include energy (gas, electricity, fuel), real estate/housing or food, because "they are too volatile". My own "take" is that they are not included because it would make the inflation look even worse. I'm from Mn. originally and we would refer to this charade as playing "hide the wienie".

 

[jp10558]

You should check out ShadowStats that uses the "original" calculation to see how high inflation has "really" been. Of course the usual problem of the masses both not knowing what anyone is talking about and generally not understanding how most things work combines to somehow blame and "hold accountable" people who have little to nothing to do with the issue causing distress.

It's relatively silly to blame the president for inflation. We don't have a command economy and the government by and large doesn't set prices. It's not like Biden can wave a wand and make prices lower(aside from maybe removing tarrifs). You could blame him for his support of Israel in the Gaza conflict, or Ukraine in that war. Those are mostly executive and certainly government driven things.

At least we have seen enough movement (I guess) on the fast food pricing being "too high" to get this article:

https://www.axios.com/2024/05/26/inflation-definition-evolution-high-prices

So at least some things are getting to the right place, companies pricing. Then again, I could wonder - how many people thought fast food was ever NOT a luxury? Once a week is a huge drop from what I did 10 years ago, where I would often get breakfast and lunch from fast food on the way to and at work. Now it's too much money, but also I WFH (Work From Where I Am is more like it).

And the cost was an issue pre-pandemic, by 2016 or so I was changing breakfast to frozen sandwiches much of the time, and occasionally bringing lunch, plus sometimes skipping lunch. Now I mostly eat fast food on road trips when I want to keep on trucking, and most often recently it's been "upscale gas stations" like WaWa or Sheetz because I can combine gas, food, restroom in one stop.