Oh that's wonderful, because as we all know inflation is the only reason for the increasing prices...right? There couldn't be any other contributing factors?
this post was submitted on 10 Oct 2024
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While this is good news, remember that this means that prices are still increasing due to inflation, just at a slower rate now. It does NOT mean that inflation has been reversed.
Not sure why there are down votes here. It's an important fact to remember that inflation "falling" doesn't mean the cost of living is going down.
Whether reversing inflation is good or not isn't their point. The point is, living is still more expensive than last year and your wage hasn't been keeping up since the 70s.
Probably because most people are too lazy to explain that deflation is a bad thing and incredibly hard to get unstuck. The "ideal" scenario is one where inflation stays low and wages outpace it. A small amount of inflation is a way to stop billionaires from sitting on piles of cash. At least with inflation they're incentivized to spend it on investments, some of which are good for the economy.
If only we could get -2% inflation for a few years so price come down to reasonable levels.
This is why I come to Lemmy — for people with even a passing understanding of the topics on which they speak confidently.
I started eating salads in August. I eat the packaged ones from King Soopers.
They’ve gone from $2.99 to $3.69 in that time. Since August.
I don’t believe anyone who says inflation is 2.4%. I just don’t believe it.
Packaged salads have an insane markup on them, if you do them yoursef you can save more than inflation ;)
The trick with inflation calculations is that they're tied to a specific basket of wholesale goods. So each individual ingredient in that bagged salad may not have gone up more than 2.4%. But the grocery store's corporate accountants have decided they can increase their margins with a 23% price hike.
That's not inflation, it's greedflation. And while we see wholesale prices remain low, we're watching profits soar.
This is Core Inflation in the OP. It’s actually a basket of baskets of goods.
Inflation tracks the value of currency. Grocery store prices track how much corporations can charge you, imagine how bad it would be if the Krogers Albertson Merger wasn't stopped by the Biden Administration.
The value of currency is always relative to goods and services.
Prices track the value of currency.
But the prices YOU PAID don't track the value of currency when the prices the STORE PAID are much much lower. The dollar still bought those goods cheaply, and it's also still buying expensive homes, boats, and planes for some lucky shareholders and board members. It's just not buying much for YOU because you have limited options to buy from.
I saw this when I opened Edge for work this morning. Two worlds in one picture.
Someone is lying and I have a sneaking suspicion of who it is.
A/B headline testing in action.
Which one will get you to click through to the ads?
Really glad the president of the USA finally decided to pull the lower inflation lever in the oval office.
It's a knob, dumbass
My apologies
Really glad the ~~president~~ knob of the USA finally decided to pull the lower inflation lever in the oval office.
lol gottem
hey wait...
It's right next to the gas price slider. Duh.
I look forward to all the Biden "I did this!" stickers lauding his administration for lowering inflation.
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That's still 2.4% on top of the cumulated inflation of the past 5 years...
The economy would tank really hard if wet somehow deflated it to go back in time. It doesn't work like that.
Plus the last 5 years was almost entirely from covid anyway
I'm not saying it should. I'm just saying the rest of us still can't keep up even with 2% because of the cumulative two digits inflation we've had over the past few years on top of it.
That's just how inflation works though. Wages tend to rise slower than prices do. In economic terms, wages are "sticky." They rise and fall slower than prices do in response to market conditions. Long periods of slow gradual inflation are fine, as people simply demand that their wages rise at a steady 2-3% to keep up with inflation, and employers expect it. But if there is a sudden spike in prices, it's a lot harder for employees to suddenly negotiate wage increases. Instead, the slower process of labor market competition, employees leaving underpaying jobs for better paying jobs, has to take over. It's going to take a few years for wages to catch up with the spike in prices, but it does happen with time, primarily from people switching jobs.
I've never had a 2% pay raise since I started my career in 2008.
Not by staying in one company anyway. I had to change companies every time and even then it was hard negotiating anything above what I was making before.
You misspelled price gouging.
Sure. But inflation is down, we didn't go into a recession, and wage growth has been outpacing inflation for over a year now.
This is good, we're going in the right direction. Deflation would be way worse.
Going in the right direction is fantastic except that it takes too long to really feel the impact, so all the low information voters will put in a republican, they'll just happen to be in office when the good times hit, but then they'll ruin it completely, which won't be felt until a Democrat takes over, who then will have to clean up the mess, repeat ad infinitum
You don't have to go any further than these comments to find plenty of people who have no idea how any of this works. lol
I'm hoping this time you're wrong because there is a whole lot more on the line right now than just the economy.
We should raise the minimum wage until it is commensurate with the price gouging. All at once, since none of the corporations eased us into higher prices.
But we have zero parties in this country that are willing to raise the minimum wage at the national level.
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That's great the prices aren't going up more. Now go get all of these companies that are price gouging. It's good to protect people from it during natural disasters but unfortunate the government didn't consider COVID a natural disaster.
Oh they are still going up, just not as much.
Not in russia lol!
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