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Yes and no. If these (e.g., food) are the things most people consume most of the time that's not cherry picking. Furthermore, consumer perception does matter. I

Yes and no. If these (e.g., food) are the things most people consume most of the time that's not cherry picking. Furthermore, consumer perception does matter. It does have impact - even if it's misperception. Gas is up. That's naturally going to increase cost of nearly everything that depends on that mode of transportation. Certainly, that's directly or indirectly just about everything.

gruez 6y ago
All of that sounds like the availability heuristic in play. You buy groceries and fill up your car every week, but those two only make up 15.157% and 2.875% of the CPI respectively. If those went up 100% and everything stayed the same, you might conclude that inflation is 80-100%, even though the CPI would only be up 18%.
Sparkle-san 6y ago
Oil is still under $70 a barrel though. It's gone up since being at some historical very low prices but compared to the times it's been north of $100, especially if you factor for 2021 dollars.
- cameldrv 6y ago
  These are consumer prices though. Consumers don't buy barrels of crude oil. Meanwhile in the Bay Area, gas is $4.20/gal.
  - bradlys 6y ago
    $4.20 would be nice. I just paid $4.87 this last weekend. :(
    - lumost 6y ago
      Gas in Boston is ~$2.97 a little north of where it was pre-covid. https://ycharts.com/indicators/boston_retail_price_of_gasoline#:~:text=Boston%20Retail%20Gas%20Price%20is,43.77%25%20from%20one%20year%20ago https://ycharts.com/indicators/boston_retail_price_of_gasoli.... Something is going on with California prices to push it to $4.20+ a gallon. https://ycharts.com/indicators/san_francisco_retail_price_of_gasoline https://ycharts.com/indicators/san_francisco_retail_price_of...
      - ping_pong 6y ago
        Gas taxes galore
        tablespoon 6y ago
        Doesn't California also require custom blends for its gasoline, which also tends to make it more expensive? My understanding is that only refineries in California make them, which prevents out-of-state gasoline from being imported to help supply quickly match increases in demand. https://www.latimes.com/business/la-fi-gasoline-manipulation-infobox-20150706-story.html https://www.latimes.com/business/la-fi-gasoline-manipulation...

gruez 6y ago

All of that sounds like the availability heuristic in play. You buy groceries and fill up your car every week, but those two only make up 15.157% and 2.875% of the CPI respectively. If those went up 100% and everything stayed the same, you might conclude that inflation is 80-100%, even though the CPI would only be up 18%.

Sparkle-san 6y ago

Oil is still under $70 a barrel though. It's gone up since being at some historical very low prices but compared to the times it's been north of $100, especially if you factor for 2021 dollars.

cameldrv 6y ago
These are consumer prices though. Consumers don't buy barrels of crude oil. Meanwhile in the Bay Area, gas is $4.20/gal.
- bradlys 6y ago
  $4.20 would be nice. I just paid $4.87 this last weekend. :(
  - lumost 6y ago
    Gas in Boston is ~$2.97 a little north of where it was pre-covid. https://ycharts.com/indicators/boston_retail_price_of_gasoline#:~:text=Boston%20Retail%20Gas%20Price%20is,43.77%25%20from%20one%20year%20ago https://ycharts.com/indicators/boston_retail_price_of_gasoli.... Something is going on with California prices to push it to $4.20+ a gallon. https://ycharts.com/indicators/san_francisco_retail_price_of_gasoline https://ycharts.com/indicators/san_francisco_retail_price_of...
    - ping_pong 6y ago
      Gas taxes galore
      - tablespoon 6y ago
        Doesn't California also require custom blends for its gasoline, which also tends to make it more expensive? My understanding is that only refineries in California make them, which prevents out-of-state gasoline from being imported to help supply quickly match increases in demand. https://www.latimes.com/business/la-fi-gasoline-manipulation-infobox-20150706-story.html https://www.latimes.com/business/la-fi-gasoline-manipulation...