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Keep in mind the things tracked in the Consumer Price Index are not static. That is, over time, there is a drift towards comparing apples to oranges. For exampl

Keep in mind the things tracked in the Consumer Price Index are not static. That is, over time, there is a drift towards comparing apples to oranges. For example, if beef becomes too expensive so consumers switch to pork eventually then beef is removed and pork is tracked. That's not less inflation. That's bait and switch. Futhermore, year by year inflation is too out of context. Instead for a given year we should also get the compounded rate for the previous 5 yrs, 10 yrs, and 15 yrs. That level of transparency would be significant.

westurner 2y ago
CPI: Consumer Price Index; "inflation": https://en.wikipedia.org/wiki/Consumer_price_index https://en.wikipedia.org/wiki/Consumer_price_index https://www.bls.gov/CPI https://www.bls.gov/CPI US BLS: Bureau of Labor Statistics > Consumer Price Indexes Overview: https://www.bls.gov/cpi/overview.htm https://www.bls.gov/cpi/overview.htm : > Price indexes are available for the U.S., the four Census regions, nine Census divisions, two size of city classes, eight cross-classifications of regions and size-classes, and for 23 local areas. Indexes are available for major groups of consumer expenditures (food and beverages, housing, apparel, transportation, medical care, recreation, education and communications, and other goods and services), for items within each group, and for special categories, such as services. - FWIU food prices never decreased after COVID-19. https://www.google.com/search?q=FWIU+food+prices+never+decreased+after+COVID-19 https://www.google.com/search?q=FWIU+food+prices+never+decre.... : "Consumer Price Index for All Urban Consumers: Food and Beverages in U.S. City Average (CPIFABSL)" https://fred.stlouisfed.org/series/CPIFABSL https://fred.stlouisfed.org/series/CPIFABSL "Consumer Price Index for All Urban Consumers: All Items Less Food and Energy in U.S. City Average (CPILFESL)" https://fred.stlouisfed.org/series/CPILFESL https://fred.stlouisfed.org/series/CPILFESL > The "Consumer Price Index for All Urban Consumers: All Items Less Food & Energy" is an aggregate of prices paid by urban consumers for a typical basket of goods, excluding food and energy. This measurement, known as "Core CPI," is widely used by economists because food and energy have very volatile prices. - COVID eviction moratoriums ended in 2021. How did that affect CPI rent/lease/mortgage, and new housing starts now that lumber prices have returned to normal? https://en.wikipedia.org/wiki/COVID-19_eviction_moratoriums_in_the_United_States https://en.wikipedia.org/wiki/COVID-19_eviction_moratoriums_... "Consumer price index (CPI) for rent of primary residence compared to CPI for all items in the United States from 2000 to 2023" https://www.statista.com/statistics/1440254/cpi-rent-primary-residence-usa/ https://www.statista.com/statistics/1440254/cpi-rent-primary... - pandas-datareader > FRED, caching queries: https://pandas-datareader.readthedocs.io/en/latest/remote_data.html#remote-data-fred https://pandas-datareader.readthedocs.io/en/latest/remote_da...
- chiefalchemist 2y ago
  > This measurement, known as "Core CPI," is widely used by economists because food and energy have very volatile prices. Translation: The Core Consumer Price Index has little to do with actual citizens, and instead reflects some theoretical group of people who don't eat and don't go anywhere. In addition, politicians recite the CCPI and The Media parrot them. Both knowing - or should know - it's deceptive and doesn't actually reflect reality. What could go wrong?
  - westurner 2y ago
    What metrics do you suggest for the purpose? Is tone helpful?
    - chiefalchemist 2y ago
      It's not the metrics per se, it's the disconnect between what they actually represent and how they're used to misrepresent the current economic feeliings of the masses. Take the last few months in the USA, we've been assured by the party in power that inflation is under control, etc. Yet, *no one* who goes to the super market on weekly basis has seen that and believes that. Eventually, such gaslighting leads to mistrust and pushback. The smart thing would be to include anything practical consumers MUST purchase. To exclude food and gas might be great for academics, but for the everyone else is smells of BS.
      - westurner 2y ago
        How should the free hand of the market affect post-COVID global food prices? Tariff spats (and firms' resultant inability to compete at global price points) or free market trade globalization with nobody else deciding the price for the contracting [fair trade] parties. There are multiple lines that can be plotted on a chart: Core CPI, CPI Food &|| Gas, GDP, yield curve, M1 and M2, R&D focii and industry efficiency metrics
        chiefalchemist 2y ago
keepamovin 2y ago
Sounds like mental gymnastics to avoid facing an obvious fact. I guess if that helps you cope with higher prices? Could be good for you
- chiefalchemist 2y ago
  When did context, facts and transparency become "mental gymnastics"?
  - keepamovin 2y ago
    Alright, I'll re-read your comment under the more generous interpretation you suggest and let you know! Hahaha! :)

westurner 2y ago

CPI: Consumer Price Index; "inflation": https://en.wikipedia.org/wiki/Consumer_price_index https://en.wikipedia.org/wiki/Consumer_price_index https://www.bls.gov/CPI https://www.bls.gov/CPI US BLS: Bureau of Labor Statistics > Consumer Price Indexes Overview: https://www.bls.gov/cpi/overview.htm https://www.bls.gov/cpi/overview.htm : > Price indexes are available for the U.S., the four Census regions, nine Census divisions, two size of city classes, eight cross-classifications of regions and size-classes, and for 23 local areas. Indexes are available for major groups of consumer expenditures (food and beverages, housing, apparel, transportation, medical care, recreation, education and communications, and other goods and services), for items within each group, and for special categories, such as services. - FWIU food prices never decreased after COVID-19. https://www.google.com/search?q=FWIU+food+prices+never+decreased+after+COVID-19 https://www.google.com/search?q=FWIU+food+prices+never+decre.... : "Consumer Price Index for All Urban Consumers: Food and Beverages in U.S. City Average (CPIFABSL)" https://fred.stlouisfed.org/series/CPIFABSL https://fred.stlouisfed.org/series/CPIFABSL "Consumer Price Index for All Urban Consumers: All Items Less Food and Energy in U.S. City Average (CPILFESL)" https://fred.stlouisfed.org/series/CPILFESL https://fred.stlouisfed.org/series/CPILFESL > The "Consumer Price Index for All Urban Consumers: All Items Less Food & Energy" is an aggregate of prices paid by urban consumers for a typical basket of goods, excluding food and energy. This measurement, known as "Core CPI," is widely used by economists because food and energy have very volatile prices. - COVID eviction moratoriums ended in 2021. How did that affect CPI rent/lease/mortgage, and new housing starts now that lumber prices have returned to normal? https://en.wikipedia.org/wiki/COVID-19_eviction_moratoriums_in_the_United_States https://en.wikipedia.org/wiki/COVID-19_eviction_moratoriums_... "Consumer price index (CPI) for rent of primary residence compared to CPI for all items in the United States from 2000 to 2023" https://www.statista.com/statistics/1440254/cpi-rent-primary-residence-usa/ https://www.statista.com/statistics/1440254/cpi-rent-primary... - pandas-datareader > FRED, caching queries: https://pandas-datareader.readthedocs.io/en/latest/remote_data.html#remote-data-fred https://pandas-datareader.readthedocs.io/en/latest/remote_da...

chiefalchemist 2y ago
> This measurement, known as "Core CPI," is widely used by economists because food and energy have very volatile prices. Translation: The Core Consumer Price Index has little to do with actual citizens, and instead reflects some theoretical group of people who don't eat and don't go anywhere. In addition, politicians recite the CCPI and The Media parrot them. Both knowing - or should know - it's deceptive and doesn't actually reflect reality. What could go wrong?
- westurner 2y ago
  What metrics do you suggest for the purpose? Is tone helpful?
  - chiefalchemist 2y ago
    It's not the metrics per se, it's the disconnect between what they actually represent and how they're used to misrepresent the current economic feeliings of the masses. Take the last few months in the USA, we've been assured by the party in power that inflation is under control, etc. Yet, *no one* who goes to the super market on weekly basis has seen that and believes that. Eventually, such gaslighting leads to mistrust and pushback. The smart thing would be to include anything practical consumers MUST purchase. To exclude food and gas might be great for academics, but for the everyone else is smells of BS.
    - westurner 2y ago
      How should the free hand of the market affect post-COVID global food prices? Tariff spats (and firms' resultant inability to compete at global price points) or free market trade globalization with nobody else deciding the price for the contracting [fair trade] parties. There are multiple lines that can be plotted on a chart: Core CPI, CPI Food &|| Gas, GDP, yield curve, M1 and M2, R&D focii and industry efficiency metrics
      - chiefalchemist 2y ago

keepamovin 2y ago

Sounds like mental gymnastics to avoid facing an obvious fact. I guess if that helps you cope with higher prices? Could be good for you

chiefalchemist 2y ago
When did context, facts and transparency become "mental gymnastics"?
- keepamovin 2y ago
  Alright, I'll re-read your comment under the more generous interpretation you suggest and let you know! Hahaha! :)