I offer that old aphorism that there are three kinds of lies: lies, damned lies and statistics.
In other words, as you so well note throughout your piece, everything can be looked at in an absolute multitude of ways, all of which give a different picture.
In my case, I can report that I am much - make that VERY MUCH - more pressed financially than I have been for years. After I finish doing the tax returns for all my relatives (the curse of a retired accountant, no?) I am going to have to do a deep analysis of my spending and determine the source of my folly. I know some of it intuitively but I am now at a point where I have to have data to try to staunch the bleeding. Ug! Getting weaker from loss of fiscal blood!
The increases in some areas can be attributed to taxes, think CO2 levy for example, as they play an important role in driving up costs.
I offer that old aphorism that there are three kinds of lies: lies, damned lies and statistics.
In other words, as you so well note throughout your piece, everything can be looked at in an absolute multitude of ways, all of which give a different picture.
In my case, I can report that I am much - make that VERY MUCH - more pressed financially than I have been for years. After I finish doing the tax returns for all my relatives (the curse of a retired accountant, no?) I am going to have to do a deep analysis of my spending and determine the source of my folly. I know some of it intuitively but I am now at a point where I have to have data to try to staunch the bleeding. Ug! Getting weaker from loss of fiscal blood!
I think the changes that have been made to how CPI is calculated deserves a look.
In particular, going from a 5 year running average of weighted components to a 2 year, now a single year, understates actual cost of living increases.
"Since 2023, the items with the largest price growth"
Should that be "2013"?
Yup. Thanks!
A consideration as to why we perceive inflation as consumers in one way compared to how economists at stats agency calculate. https://adamtooze.substack.com?utm_source=navbar&utm_medium=web