I'm posting this on this forum because this is an innumeracy issue and you folks are very numerate. If I discuss this anywhere else the politics and emotions will distract, but the numbers are the focus here:
The last three months, core CPI month over month have been 0.0%, 0.1%, and 0.4% respectively (annualized rates of about 0%, 1%, and 5% respectively, or about 2% overall)
Yet for three straight months every time these numbers come out the NY Times and other media plaster a front page story saying "Inflation is stubbornly still at 8.9%" or something, because they are choosing to use a 12 month rolling average, but they all talk about it as if that's just natural, not a choice (and a questionable choice that is at too coarse a level to see what's happening RIGHT NOW)
Certainly there's plenty of nuance to go around -- inflation has been very low for 3 months, but was rather high for months before that, so it's hardly time to celebrate yet. But the indicators from the most recent 3 months are consistently VERY GOOD if you want inflation reduced, and this part, which is also the more news-worthy part, is not getting any attention.
What's up with this? Mainstream media has always been a little innumerate but this is a whole other level. Is it innumeracy in journalism, ideological bias, general fearmongering to sell papers, or what?
Comments URL: https://news.ycombinator.com/item?id=33192294
Points: 22
# Comments: 23
Continue reading...
The last three months, core CPI month over month have been 0.0%, 0.1%, and 0.4% respectively (annualized rates of about 0%, 1%, and 5% respectively, or about 2% overall)
Yet for three straight months every time these numbers come out the NY Times and other media plaster a front page story saying "Inflation is stubbornly still at 8.9%" or something, because they are choosing to use a 12 month rolling average, but they all talk about it as if that's just natural, not a choice (and a questionable choice that is at too coarse a level to see what's happening RIGHT NOW)
Certainly there's plenty of nuance to go around -- inflation has been very low for 3 months, but was rather high for months before that, so it's hardly time to celebrate yet. But the indicators from the most recent 3 months are consistently VERY GOOD if you want inflation reduced, and this part, which is also the more news-worthy part, is not getting any attention.
What's up with this? Mainstream media has always been a little innumerate but this is a whole other level. Is it innumeracy in journalism, ideological bias, general fearmongering to sell papers, or what?
Comments URL: https://news.ycombinator.com/item?id=33192294
Points: 22
# Comments: 23
Continue reading...