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.
Those far smarter than me will and have commented on this before but my understanding is for purity sake there are specific ways they quantify inflation and the method you're referring to is far more disingenuous.
Personally speaking, year over year "makes sense" as this way it doesn't mask potentially disastrous trends (ie. disinflation).
I don't disagree with a lot you're saying but there's a reason economists use x to x comparisons and that's because your best comparison for October 2023 is October 2022 not September 2023.
What you're describing is where, and it sucks saying this because it's cold AF, numbers don't care about feelings.
The layman like you and I want to put our lives into context on the numbers we see because we are in the weeds. That's fine and good and we are 100% valid in feeling the way we do but it doesn't change the reality that the best comparison for October 2023 is October 2022.
Now again I'm a dumbass. There are plenty better than me at explaining this but as someone currently doing heavy data analysis on a P1 we had at work you do not compare the day of the failure with the previous day because they're two different days of the week. Processes differ per day. If the issue happened on Thursday I want to compare it against previous Thursdays.
The people far smarter than us are the ones that do month over month and not the way you want. I fail to see how you are smarter that legions of economists around the world.
Again, I get what you're saying. For a layman like you and I it helps our emotions to do it a different way. What I keep stressing is that to those experts there is an intentional reason to not include emotion when analyzing numbers. If you do so you run the risk of making the wrong decisions.
You are free to continue screaming into the wind because the process is different than you would like. I'm simply telling you it isn't. There are more than likely very VERY good reasons. Better to spend your energy on more productive things.