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I follow you except for the note about CPI underestimating inflation. There's actually a lot of debate about this (see http://en.wikipedia.org/wiki/United_State
by orijing 16y ago
I follow you except for the note about CPI underestimating inflation. There's actually a lot of debate about this (see http://en.wikipedia.org/wiki/United_States_Consumer_Price_Index#Perceived_overestimation_of_inflation http://en.wikipedia.org/wiki/United_States_Consumer_Price_In... for an informal look), and I personally think it overestimates it.
- adw 16y agoIt's controversial in the UK too. My colleague, Simon (who used to be the FT's stats editor), writes about it on our data blog: http://byline.timetric.com/2011/02/14/uk-inflation-bad-decisions-from-misleading-figures/ http://byline.timetric.com/2011/02/14/uk-inflation-bad-decis... (which has subsequently been picked up by a couple of UK papers.)