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You can't eat a 60" tv or a car though. When it comes to surviving, the price of food (among others obviously) is what matters so I'd say it's fair to focus on
by barbazoo 3y ago
You can't eat a 60" tv or a car though. When it comes to surviving, the price of food (among others obviously) is what matters so I'd say it's fair to focus on that for the purpose of a writeup like this. Not saying this isn't cherry picked though.
- ceejayoz 3y ago> You can't eat a 60" tv or a car though. That's not the point. (As I said, the 60" TV stat is equally useless for evaluating inflation.) Cherry-picking a single product like "Campbell's tomato soup" is not a valid methodology for measuring inflation. Not because it's edible or inedible, but because it's too small of a sample size. You can tell any story you like about inflation and the economy by carefully hand-picking a single item. If the price of an egg doubles, but the price of butter halves, what do we conclude about inflation? Nothing; we need more information.
- landoftheice 3y ago[dead]
- TheCoelacanth 3y agoFood spending as a percent of income[1] has trended down drastically since the 1890s, though. It would be reasonable to look at the price of food in general, but cherry-picking one specific brand of one specific food item is absurd. It has as much to do with Campbell's marketing strategy as it does with food prices in general. [1] https://www.ers.usda.gov/data-products/chart-gallery/gallery/chart-detail/?chartId=76967 https://www.ers.usda.gov/data-products/chart-gallery/gallery...
- barbazoo 3y agoDrastically down until 2000 and then drastically up since 2020.
- TheCoelacanth 3y agoDriven primarily by eating out rather than spending on food eaten at home. It's not the food that's more expensive; it's the waiter and the cook that are more expensive.