Price indexes aren’t accurate measures of inflation

Source: Cobden Centre
by Antony P Mueller

“‘Inflation’ is back in the headlines, and a lot of nonsense is being said about it. Without much thought whether it makes sense or not, ‘inflation’ is defined as a general rise in prices. Official statistics claim that the ‘price level’ can be measured and its change calculated as the so-called inflation rate, there being almost no critical evaluation of the reliability of these numbers. Rarely is it mentioned that these concepts are statistical constructs, published as ‘official numbers’ and as such, subject to governmental interests.” (05/05/22)