this post was submitted on 31 May 2024
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A Boring Dystopia
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Could under reporting of real inflation that consumers feel be a factor here?
Iโm sure these companies are exploiting consumers, but Iโve also been suspicious of the reported inflation numbers. It feels a lot higher than that and actually it could be more in line with the companies in the graph.
Maybe itโs not the fast food prices that are high but the inflation number that is too low.
That's a valid concern and I was wondering the same thing, but as of now, unless something leaks saying that they where lying, this is all we have to go on
My point exactly. I understand that some people feel the numbers are calculated very consistently, and I guess thatโs fine, but does it really reflect what consumers are feeling? I donโt think so. Plus, inflation has been a hot button political issue. A healthy skepticism feels appropriate.
MIT used to have the Billion Prices Project which tried to determine inflation numbers independently of the government, but it no longer exists. My recollection is that it was generally close to the official numbers.
If you think the reported numbers are wrong, you have to give a reason why, backed with evidence. As much as it sucks when rent and food, etc. are more expensive, but those are only part of the number. Inflation encompasses everything and some goods/services are higher than the average number and some are lower. For instance, car insurance has gone up a ton, but apparently fuel oil has gone down (https://econofact.org/inflation-and-prices).
I think what people are (rightly) concerned about is that the necessities of life are higher than the official numbers (because those are an average of lots of things). This makes them think the real numbers are "wrong" based their specific situation rather than the country at large.
And maybe it's both