Opinion | James Surowiecki: It’s enough to talk about the inflation we actually do have. You don’t need to over-egg the pudding.
So looking at the way inflation is crimping household budgets makes perfect sense. Unfortunately, doing it the way CNN did is likely to confuse and frighten viewers rather than enlighten them.
According to the family in the segment, the price of milk where they shop has risen a full 50 percent since June, while their overall grocery bill has risen 50-100 percent since March. Obviously, food prices vary quite a bit by region . But according to the USDA, the price of milk in the Dallas area is up about 10 percent, not 50 percent, since June.
Of course, having the price of something you buy a ton of rise 10-20 percent in a matter of months hurts. But that’s the point: It’s enough to talk about the inflation we actually do have . You don’t need to, as it were, over-egg the pudding.At the same time, any discussion of inflation needs to include the context in which it’s happening. Historically, recessions have left Americans poorer, not better off. But the Covid recession was different.
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