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CPI reports and other misinformation

I wasn't planning to post anything today, until I saw Bear Mountain Bull's take on the April CPI report. Quote:

"In what is probably the sickest joke that our government plays on its people on a monthly basis, the April CPI report was released this morning, reporting an increase of only 0.1% in “core” inflation. Never mind the largest increase in food inflation in 18 years."

You might want to go on over there and have a quick look at the BMB gang's reaction to this latest marvel of government trickery and statistical illusion.

Be sure to check out Barry Ritholtz's post, "US Inflation Miracle Continues", as well. Search through his previous posts on "inflation, ex-inflation" while you're there.

Also, if you haven't read Kevin Phillips' recent Harper's Magazine article on the government's reporting of economic statistics, now would be a great time to read it and get a little added perspective on the matter.
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