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Social media users were quick to dunk on the Nobel Laureate.
In 1995, the Senate Finance Committee appointed a commission to study CPI's ability to estimate inflation. The CPI commission found in their study that the index overestimated the cost of living by a value between 0.8 and 1.6 percentage points. If CPI overestimates inflation, then claims that real wages have
Inflation measures are often modified over time, either for the relative weight of goods in the basket, or in the way in which goods and services from the present are compared with goods and services from the past. Basket weights are updated regularly, usually every year, to adapt to changes in consumer behavior.
By June 2021, inflation was already up 5.4% on a year-over-year basis, the highest since 2008, and consumer sentiment was already falling as shoppers reacted to higher prices.
WFLA provides local newscasts on both weekdays and weekends. Evening and overnight newscasts are pre-recorded. National and world news is provided by Fox News Radio and NBC News Radio. WFLA provides news coverage for other iHeartMedia stations in the Tampa Bay market, and is a hub for the Florida News Network.
Gas prices have fallen dramatically over the past couple of years, sinking from a record average high of above $5 in 2022 to below $3 a gallon in many states now.
Annual inflation increased to 8.3% in August 2022, in part due to rising grocery prices. [154] In September, the Fed increased the interest for a fifth time in the year reaching a 14-year high. [155] In November 2022, the year-over-year inflation rate was 7.1%, the lowest it has been since December 2021 but still much higher than average. [156]
While inflation has cooled down, some American cities are being hit more than others. In October, inflation stood at 3.2% from 3.7% in September, according to the Bureau of Labor Statistics' (BLS)...