this post was submitted on 21 Nov 2023
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What are you using the inflation number for? How does saying it is up 15% help you?
The point of measuring inflation at all is that we can use the information to make decisions. Knowing that inflation is slowing or rising is useful. I know prices have gone up. What I want to know is how much they are likely to go up in the future. Am I stockpiling sugar or putting a little money into stocks? How long should I lock my mortgage in for? Will I even be able to afford it? Do I need a second source of income? Or do I think I might be able to save a little this year for a big purchase? How much money am I going to need to retire? How old will I be?
The value of these numbers is forward looking. If I want to know that prices have gone up, I can just go to the store. I do not need the government for that.
If you're looking forward then what do you need the year on year number for? What you want is future predictions, if you want to know how the price has varied in the last year you can "just go to the store" right?