How does the government compute inflation?
How accurate is the current method? What are some alternative methods?
I beleive they take what is called a "basket" of consumer goods and track the rises and falls of their prices. You will notice that they often give a standard inflation rate and another that does not include changes in gasoline prices for comparison. The consumer price index is a component that measures inflation based on a basket of goods for example. Check out this linke for an inflation calculator provided by the government.
http://www.bls.gov/data/inflation_calculator.htm
I've seen people link to this web site as an alternative to government inflation statistics in the U.S.: http://www.shadowstats.com/alternate_da … ion-charts
But I don't know how credible those numbers are. The 1980-based chart seems especially hard to believe.
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