Friday, Jan 05, 2007
Inflation figure questioned
Daily Telegraph: Official: Inflation Figure isn't trusted
The govt's top statistician admits inflation figures are not widely believed. More evidence of an underlying shift in opinion.
Posted by the eg @ 02:30 PM (163 views) Add Comment
3 Comments
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1. denzil said...
I heard about this story on the TV today. People don't believe inflation figures produced by the ONS so the ONS produce a website to counter the lack of trust in inflation stats. I'm sure that will work.
Crikey I can sleep easy now. If the Internet says that inflation is low it must be low because Internet never lies.
Now the inflation figures touted are an average, it seems to me the average covers about 2% of the working population. I sent an inflation calculator around (See Link below) to a whole bunch of friends and the lowest rate of inflation was 5.2%.
http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2006/12/04/ninflation04.xml
2. Enuii said...
5.2% Seems about right to me and may actually be much higher during 2007, the ONS lost most of its credibility when it started removing some essentials and adding things like consumer electronics (which plunge in price) to weight the figures down. DVD players were a prime example as they fell from £99 to £29 over the course of about 18 months, bet plasma/LCD TVs are on the list now as well.
I wonder if the price of the average house is in the STATS or is it an average RENTAL.
3. talking rot said...
I used the inflation calculator in The Torygraph and scored a personal inflation rate of 9.6%
It would be very easy for the ONS to capture the personal inflation rate of all those who used their calculator. Say if 3 millions people used it, they could work out the average inflation rate of those 3 millions people. I wonder if that would be more or less then the CPI?