News for hackers. Stuff that matters.

A comment on How Far Does $1 from 1999 Go Today?. Parent comment

Re:How Far Does $1 from 1999 Go Today? by throw0101b on Monday October 16, 2023 @08:18AM (#37898779)
> CPI is ok for specific categories but the basket weighting is absolutely trash.

They are based on spending surveys:

* https://en.wikipedia.org/wiki/Consumer_Expenditure_Survey

So the average CPI is what an average consumer spends spread nationally. You may personally have different weightings, and so what you 'feel' inflation is like may be different than the average.

[ Parent | on HN ]
Re:How Far Does $1 from 1999 Go Today? by userinanother on Monday October 16, 2023 @12:28PM (#37902243)
Who as spends that little on healthcare? Even if it’s not paid by you it’s part of the total comp
[ Parent | on HN ]
Re:How Far Does $1 from 1999 Go Today? by throw0101b on Monday October 16, 2023 @04:25PM (#37906032)
> Who as spends that little on healthcare?

No one. CPI is a national average for the average person on an average basket of goods. It is not meant to reflect what one individual does.

In Canada, StatCan has a tool where you can enter your own personal weightings for various categories so you can get your personal CPI:

* https://www150.statcan.gc.ca/n1/pub/71-607-x/71-607-x2020015...

I wish people would stop conflating the model with reality: the map is not the territory.

[ Parent | on HN ]