Quote:
Originally Posted by spinoza
Can't - most of the rules about what goes in are decided at European level.
Nothing really stupid about saying that CPI is at 2.something percent though - CPI is CPI. People should understand what CPI is, which is inflation on a basket of consumer goods. Inflation on what you buy is measurable by CPI. It's an average, so you might experience more, or less. If you experience more you squeal more loudly, if you experience less you don't squeal, so people who judge its effectiveness by how loud people squeal are missing out.
The major item that doesn't go into CPI is housing costs. There's a separate index to measure for that - it's RPI. And anyone can find it using Google. Politicians shouldn't have to tell people what it is.
In summary, if you complain about CPI not being realistic, you're the spastic, not the economist or politician who's quoting CPI. Just learn what they mean - takes 5 minutes.
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I am not completely ignorant of these matters but i can sesne well enough when my passing knowledge lacks the grasp of an issue of someone esle.
But with all due respect, politicians and economists do sound like bloody idiots when they hold up the CPI rate as a measure of our quality of life or cost of living and how happy we should be about it. That was my point. And our most gracious Prime Minister *cough* has preached such a message to us the public often these past months.
Now correct me if i am wrong but CPI was not always hold sway here in Britain, and if we are to stick to it i do not feel that it is much to ask for it to be more accurate and representative.