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this post was submitted on 01 Dec 2024
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People got this wrong about inflation as well. In 2020 there was actual deflation, and in 2021 there was very minimal inflation, meaning prices were still largely lower or similar as 2019. Then we saw 9% inflation in 2022. Total inflation in 2024 vs the 2019 benchmark was around 15%. Or 3% average per year, which is barely over the baseline. People just hear 9% inflation, completely missing the fact that this was a YoY number relative to the Trump recession.
And then there was that bogus article that said Argentina had lowered it's inflation to 2% and you find out in the article that's monthly inflation and the yearly figure was like 190%.
If they managed to decrease from 190%/year to 2%/month (which is 27%/year) that's still an impressive result. Not as impressive to publish when you want to make a click bait.
I'm not sure how to put that to percentages thought, is it 86% and 143 percent points decrease?
Drag doesn't know exactly what the problem is, but the official inflation figures cannot be right. Housing is so much more expensive. Food is more expensive. And it's not 9% more expensive. Drag knows they say the math takes into account the price of rent, but they've gotta be lying somehow. It's impossible that the cost of living is rising so much faster than inflation. Those should be the same. If they're not the same, someone's math is wrong.
I keep track of my grocery bills going on 10 years now and 14-15% is spot on for what I buy.
Housing is more than 15% more expensive
It may as well be accounted in the inflation, but with a lower weight. Usually the institution responsible for calculation of the inflation will publish the methodology so one can see for emselve, real perceived inflation may be higher or even lower depending on what your consumption profile is.
Won't your consumption profile necessarily change if rent is raised and you have to buy fewer luxuries? Do the calculations take that into account?