1L Arla Lactofree milk was £1 around 2013 in Tesco. Today, it's £1.85.
Bank of England inflation calculator at https://www.bankofengland.co.uk/monetary-policy/inflation/in... says it should be £1.34
So much for the inflation numbers.
Bank of England inflation calculator at https://www.bankofengland.co.uk/monetary-policy/inflation/in... says it should be £1.34
So much for the inflation numbers.
aka, some folks on HN don't know about statistics.
But that's not what happens. What comes down in electronics. If you exclude food, shelter and medicine (things you need to live) the numbers are in line with govt estimates. But most people would bristle at this approach.
"This item looks different to me", "this category looks different to me", and "this basket looks different to me" are real feelings, but the government isn't straight up lying about inflation measurements.
Agreed. The government publishes the methodology and the source data the final numbers are based on are generally publicly available. However, the methodology slowly changes with time. And whatever the rationale is (there is always one that sounds good) its effect is always lowering computed inflation numbers. And lower inflation numbers give government ability to keep printing and spending money -- a dream for most officials.
So while I do not think the government is straight up lying, it is slowly twisting the methodology due to seriously misaligned incentives. My 2c.
But either way, I've lately become convinced to ignore inflation. The real thing we should be reducing is printing of money, no if buts or maybes.