OK, so I didn’t really pay 22¢ a gallon when I filled up at Costco in St. Louis Park last night. The official, nominal price was $1.359 a gallon. But, what economists call the real price, adjusted for inflation, was 22¢. That’s because $1 today, adjusted for inflation, is the same as 16¢ in 1970....Read More
Stealth Inflation & Rising (Dog) Food Costs There are lots of indices that purport to measure inflation: “the Producer Price Index,” “the Wholesale Price Index,” “the Consumer Price Index,” etc. But the only yardstick that really matters to me is “the Kaplan Family Price Index.” By that measure, inflation is galloping right now. Overt and...Read More