So let me make sure I completely understand this: If we back out all of the inflationary data from the CPI, and PPI, there is, um, no inflation?
Thanks for clarifying that.
While the Dismal Set — and the majority of CNBC guests — continue to spout such foolish nonsense, its nice to see that at least the WSJ wasn’t bamboozeled. Their online headline read: Consumer Prices Climb 0.5%
"Gasoline prices shot up 8.3%, the biggest increase since February 2003.
Food prices, however, were unchanged for the first time in nine months.
Medical-care prices were unchanged after nearly 30 years of increases.
Housing prices grew more slowly in August, falling to a 0.2% rate from
0.4% in July. Automobile prices fell 0.5%, half the rate of decline
recorded in July."
You can see more from the dismal set below . . .
UPDATE I: September 16, 2005 10:54 am
Its the ultimate Hedonic adjustment: Chart of the Day shows us graphically that without the items that are going up in price, there is hardly any inflation at all!
UPDATE II: September 17, 2005 11:54 am
The first official chart from the weekend WSJ:
UPDATE III: September 24, 2005 2:54 pm
Here’s a round up of all our recent discussions on inflation
Consumer Prices Climb 0.5%
Katrina Helps Propel Jobless Claims
To Highest Level in Nearly 10 Years
WALL STREET JOURNAL, September 15, 2005 5:44 p.m.