Inflation is a tricky concept and attempts to grasp it using purely monetary intuitions are liable to confuse. Inflation is a summary statistic that tries to co

Inflation is a tricky concept and attempts to grasp it using purely monetary intuitions are liable to confuse. Inflation is a summary statistic that tries to compress the behaviour of many markets, in an economy where markets come into being and wither away, into one time series, and summary statistics of complex phenomena rarely behave simply. Blair Fix has a nice essay that outlines some of the problems with the conception of inflation that lies behind the CPI: https://economicsfromthetopdown.com/2021/11/24/the-truth-about-inflation/ https://economicsfromthetopdown.com/2021/11/24/the-truth-abo...