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The BLS doesn’t hide its methodology and it calculates more than one measure of inflation. Their attempt is to measure it in a meaningful way that is useful for
by syki 5y ago
The BLS doesn’t hide its methodology and it calculates more than one measure of inflation. Their attempt is to measure it in a meaningful way that is useful for policymakers and others. They don’t claim to know the “exact” value. You can read about the various measures and methodologies here:
https://www.bls.gov/bls/inflation.htm https://www.bls.gov/bls/inflation.htm
- ErikVandeWater 5y agoI didn't use the word "exact." But regardless, the way CPI measures are used by policymakers and others assume they are highly accurate. Otherwise a 2% increase in the CPI would be meaningless, since there could either be inflation or deflation.
- syki 5y agoThey state how they measure it and what they do to collect their data. Nothing more and nothing less than that. How people use it or interpret it is up to that person. Everyone should keep in mind that inflation for each individual is different because we all consume different things. The BLS calculation is a weighted average of prices. It’s their best guess and they don’t hide how they make the guess. What is wrong with their methodology? How should it change? Have you read about the different measure they use and how they make their calculations? Do you think they shouldn’t measure it at all? We’ve all experienced a general rise in prices the past year and have a sense that something abnormal is occurring. BLS’s calculation confirms this. Our sense of abnormality is confirmed by the data.