Comment on Shows how out of control inflation is

• xantoxis@lemmy.world ⁨1⁩ ⁨year⁩ ago

  No, they’re not the same thing. “Inflation” refers to a tendency for all prices in an economy to rise, including the price of labor. In periods of high inflation you should be noticing your wages going up quickly along with the price of everything else. What we’re seeing is that most things are staying about the same, including wages, but groceries in particular are going up faster than everything else. (Even if you set aside Fox News’ bullshit factor, $50 is higher than standard inflation, which would make it about $46.)

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  • NewNewAccount@lemmy.world ⁨1⁩ ⁨year⁩ ago

    I have to wonder if you’re being purposefully disingenuous to prove a point. The general definition is absolutely appropriate here.

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  • Rediphile@lemmy.ca ⁨1⁩ ⁨year⁩ ago

    But wages absolutely have gone up, just not as much as other things like cost of groceries or housing have risen.

    Inflation does not require perfectly equal increases across all categories. Nor does it require it to occur ‘quickly’ although it certainly can. It is completely possible for some products/services to even come down in price during periods of inflation. The trend/average is what matters.

    It’s absolutely caused by greed, yes…but it is still inflation, by definition.

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