Inflation Watch: Thanksgiving Dinner Edition

[Lucrum]

Quote from Ricter:

Your thread begins, "Inflation Watch:"

Do try to keep up.

 

[Tsing Tao]

Quote from Ricter:

Your thread begins, "Inflation Watch:"

Do try to keep up.

Yes, Thanksgiving addition. The first post discusses Thanksgiving dinner. Continue to be irrelevant, though. Free country (at the moment) and all that.

 

[Tsing Tao]

Quote from Spike Trader:

Its difficult to please Jem and Tsing..

they always want to have the last say.

Ah, I forgot - school holidays. Spike is out and about.

Feel free to contribute something - anything. To this conversation or any other on the forum.

 

[Tsing Tao]

Quote from Martinghoul:

It's NOT a scientific study, but that's what it says on the tin, innit? 'Cause the survey is "informal", like the article sez. BLS methods, on the other hand, ARE scientific, academic, you name it, but, as I understand it, they ain't good enuff for ya. So there's just no pleasing ya, innit, bruv?

BLS CPI has it's flaws, but it's all we got "bruv". By the way, is that your attempt at ebonics or something?

Quote from Martinghoul:


As to the cumulative rises, that is, what, roughly 3% annual Thanksgiving dinner inflation rate over the last 10 years, 1.92% over the last 5 years and almost precisely 2% over the whole 27 year period since the survey started. Doesn't sound particularly monumental to me.

No, unless your wages aren't rising by that much. Then it's quite monumental.

Quote from Martinghoul:


Finally, as a brief aside, I should mention that the BLS doesn't apply hedonic adjustments to the food category in CPI. Also, the cases of labor data manipulation that you're referring to are within the Census Bureau's mandate, rather than the BLS.

Regarding hedonics, I was referring to the overall CPI. As far as food goes, change "substitution" where hedonics reads, bruv.

Lastly, as far as I know, the BLS is who reports the employment data - regardless of where the manipulation occurred.

 

[Tsing Tao]

I guess the Keynesian started drinking early (er), Spike has history homework and the apologist left for the day (Fed holiday hours and all).

Alright, time to run. Will be off for the holidays. Everyone have a happy expensive Turkey day.

 

[jem]

Quote from Spike Trader:

Its difficult to please Jem and Tsing..

they always want to have the last say.

only when there are stats to back me up.

when it is just opinion I do not need the last say.

even in this thread I was content to watch after my little joke about big govt keeping the turkeys to themselves.

which was a reference to the biggest most expensive turkey of the season obamacare.

howwever, with respect to inflation...
wtf... we have had 700 percent inflation over 50 years.
we have had massive inflation since QE started in many of the things that the world competes for.. like food and clothing...

and yet we have a govt apologist tracking turkey prices by the month.

damn it... I should have purchased a 100 turkeys contract last month... and closed it out today. I expect prices to collapse on friday but the exchage is closed and the premium has been sucked out of the options.

Maybe I can hedge turkeys against corn. Oh no everything is closed.

 

[Ricter]

Quote from Tsing Tao:

I guess the Keynesian started drinking early

When you got nothin', go ad hominem.

 

[Ricter]

<img src="http://gopigglywiggly.com/blog/uploaded/Images/specials/PWP1.jpg">

Many other stores are showing turkey for much less than a dollar a pound, $0.77 and $0.88, if you buy $20 or $25 worth of other stuff on that trip.

 

[Martinghoul]

Quote from Tsing Tao:
BLS CPI has it's flaws, but it's all we got "bruv". By the way, is that your attempt at ebonics or something?

Well, it's certainly not all we got, innit? We got all sorts of other things, now including the rate at which the cost of them Thanksgiving dinners has been rising. And hell, no, "bruv" ain't no ebonics, it's what chavs use.

No, unless your wages aren't rising by that much. Then it's quite monumental.

True dat... Allegedly, median nominal household income in the US has risen at a rate of 2.28% over the last 10 years, 1.11% over the last 5 years and 2.85% over the entire 27 period in question. Obviously, this is based on the data from the Census Bureau, so a pinch of salt might be in order.

Regarding hedonics, I was referring to the overall CPI. As far as food goes, change "substitution" where hedonics reads, bruv.

Lastly, as far as I know, the BLS is who reports the employment data - regardless of where the manipulation occurred.

Sure thing... I am curious whether you have looked into the effect of both "substitution" and "hedonic adjustments" on the CPI figure?

And yes, it is, in fact, the BLS which reports employment figures, based on the Census Bureau data.

 

[Ricter]

Tampa, Florida, Sweetbay Supermarket, Jennie-O frozen turkey, Grade A, 10 pounds and up, $0.59 per pound, limit 2. Sale price effective November 20 to November 28.

$8.85 for that average, 15 pound turkey.