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Cake day: August 9th, 2023

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  • Oh, also, you’re wrong that this excludes housing and healthcare:

    https://www.bls.gov/cpi/questions-and-answers.htm

    The CPI represents all goods and services purchased for consumption by the reference population. BLS has classified all expenditure items into more than 200 categories, arranged into eight major groups (food and beverages, housing, apparel, transportation, medical care, recreation, education and communication, and other goods and services). Included within these major groups are various government-charged user fees, such as water and sewerage charges, auto registration fees, and vehicle tolls.

    Energy is a little more complicated, but it should be included in the graph above:

    https://www.bls.gov/cpi/factsheets/common-misconceptions-about-cpi.htm

    Has the BLS removed food or energy prices in its official measure of inflation?

    No. The BLS publishes thousands of CPI indexes each month, including the headline All Items CPI for All Urban Consumers (CPI-U) and the CPI-U for All Items Less Food and Energy. The latter series, widely referred to as the “core” CPI, is closely watched by many economic analysts and policymakers under the belief that food and energy prices are volatile and are subject to price shocks that cannot be damped through monetary policy. However, all consumer goods and services, including food and energy, are represented in the headline CPI.