What inflation?
Take out the cost of food, fuel and anything else that has gone up; no problem!
My personal basket of goods includes Food and plenty-o-gasoline.
I don’t know my personal monthly Y/Y inflation but I’m gonna guess that it’s WAY over 7%.
In short, we’re going to see a rapid rise in interest rates in an attempt to curb inflation. 💸😒😑🙄
I’m retired, didn’t buy a house, car or major household item. My inflation rate might be 10%+. The family that bought a house or car or changed their apartment probably doubled my rate.
I bought a gallon of concentrate weed killer fall 2020 It was $26.00
Now it is $39.00
13.00 increase in one year.
We’re getting back to the Carter years!
Why is housing inflation so much lower than Case-Shiller? It’s not a government conspiracy, but it is a problem. See, for everyone who ISN’T buying a new home, their housing cost stays what it was: 0% inflation. So housing inflation gets distributed over the length of time which people own homes. IOW, we’ll be seeing this housing inflation for 30 years.
There is no doubt that these (all?) agencies manipulate their stats. If they could get away with it they’d say inflation was 1.4%. But that’s too obviously manipulative. Even Congress does it, trying to force the CBO to score costs of bills lower than the true cost by “phasing out” programs in the bill that they know will get reauthorized in the future.
That said, I am not sure you can count the home sales price index as Shelter. Sure, for new home buyers it’s a cost. But for renters and existing home owners it’s just equity... and could be temporary.
Personally I think inflation really is over 10% when you strip out all the manipulations. In my business, over the last year, everything we buy is up 15% or more on some items vs a year ago. These input costs have to be eaten by me or passed on to the end user.
A lot of the stuff that I buy regularly has literally doubled in price since this Covidiocy began. Some stuff up ~25%, Some stuff 0 to just a few percent.
But, the way things are going, we will soon be lucky to be able to buy a lot of the absolute necessities at any price.