Government inflation figures have been rigged for years. To put it in a nutshell, the Department of Labor’s market-basket-of-goods approach treats technological advances and improvements in manufacturing methods and worker productivity as deflationary — offsetting the monetary inflation taking place.
Good post. To be fair, I would point out that the Dept. of Labor CPI estimate isn’t intended to be an accurate measure of overall inflation. It’s really aimed at measuring consumer prices in the context of their inflationary impact on wages in the U.S.
i know, don’t remember when they took the fuel/food out of the inflation equation.