Honest question, why is this not how inflation is measured?
I feel like the basket of goods chosen in Australia is nonsense, considering rent went up by like 50% in two years, and prices in the supermarket have been insane, somehow inflation numbers only ever cracked the high single digits per year.
I haven’t looked into it deeper, yet, but seems fishy, and cherry-picked.
Could we not at least make various unchanging standards?
Like, housing & food inflation index?
Is that not vague and unchanging enough?
I know sourcing the data isn’t a walk in the park, but I know for a fact Victoria collects information on the first one pretty accurately.
I think we should have a “base needs” basket, because that’s never going to change. People need to eat, people need to sleep.
Thanks for indulging me in my vague, unlearned on the topic, questioning!