Inflation rose just 0.2% in June, less than expected as consumers get a break from price increases
Inflation rose just 0.2% in June, less than expected as consumers get a break from price increases
The consumer price index was expected to increase 0.3% in June and 3.1% from a year ago.
Inflation fell to its lowest annual rate in more than two years during June, the product both of some deceleration in costs and easy comparisons against a time when price increases were running at a more than 40-year high.
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Dont forget they have changed the way this is calculated two times in the last 2 years this is now completely bullshit.
That’s not true, nor would a marginal adjustment in how each item is weighted change the final number significantly. We’re talking about a few basis points. Numbers below the significant figures on the headlines.
When do they change the weighting they do it to more accurately reflect consumer spending, because consumer spending changes quite a bit from time to time.
The line about CPI being manipulated is repeated over and over, without sourcing, on the internet, every time inflation numbers are released.
Internet doomers aren’t smarter than the highly qualified statistics experts at BLS.
It should also be noted that the items in this report with the highest level inflation are outliers, and are discretionary items such as air travel, hotels, luxury items, and home improvement materials. So if anything the inflation rate is lower for essentials focused spending, middle and lower class families who are paying rent, basic utilities, and simply trying to put food on the table.
It's been changed 7 times since 78
Most recently these were the changes, very well documented. Nothing sounds suspicious
Changes to the CPI establishment frame (2019-2020) Replaced Telephone Point-of-Purchase Survey (TPOPS) as source of retail establishment frame with data from the Consumer Expenditure Surveys (CE) Eliminated redundancies and inefficiencies in survey operations and reduced household burden Use of Quarterly Census of Employment and Wages business registry to refine the location and address data from the CE For more on the history of the CPI and price change in the U.S see
https://www.bls.gov/cpi/additional-resources/historical-changes.htm
I just read that link. I appreciate the information. I have read a one or two articles regarding it. Nice to see it straight from the source. And ya, it’s the opposite of suspicious. It’s exceedingly reasonable minute adjustments spread over long periods of time. The opposite of what I keep reading on every thread in certain circles.
The only changes in the last 5 years (none in the last two years) were:
_ •Replaced Telephone Point-of-Purchase Survey (TPOPS) as source of retail establishment frame with data from the Consumer Expenditure Surveys (CE)
•Eliminated redundancies and inefficiencies in survey operations and reduced household burden
•Use of Quarterly Census of Employment and Wages business registry to refine the location and address data from the CE
I can’t even try to spin that as a way to manipulate the data if you paid me to take Alex Jones spot at infowars.
Superstonk baggage handlers, crypto bros, doomers etc have their own foundations in reality based on things they read without fact checking.
Home improvement materials are discretionary? Tell me exactly what items that includes. It better be something like a gazebo but I bet it's stuff like hot water heaters and window glass.
To renters yes. Most home improvements are infact non essential. Eg kitchen remodels. Ask your contractor who’s doing most the kitchen remodels and home improvements in general. It’s upper middle class to wealthy. Not people struggling to buy eggs. And the reason these improvements are being done is because everyone with real estate refinanced at 2.5% and got free money from the fed.
I should know, I’m one of them.
Doubt.
Sucks to be uninformed
Go to a working class neighborhood and tell me it looks like everything is new and recently improved. Lol.
It sucks that you can't produce a list so you went with an anecdote about mortgages when the question was asked what consists of discretionary.
Want to attack the idea or the person asking again?
Go to a poor neighborhood and tell me about all the nice new home improvements you see. Haha. You’re playing dumb or bingeing sincere about it.
Also it’s not anecdotal. The majority home owners refinanced under 4%. That’s massive amount of money that is not tied up for people who can afford to buy homes. And now can afford that new kitchen.
Replacing a broken toilet is $150. Remodeling large kitchen is 70,000+.
How is that list coming?
List of? It’s in the cpi report. You’re not good with lists.
Working class people are known historically to not afford new kitchen remodels. You have zero societal awareness if you think otherwise.
Source?
Are you talking about CPI and PPI?