Truth, Blessed Truth and Inflation Statistics
Newsweek has an amusing article. Titled Lies, Damned Lies and Inflation Statistics, it gently criticizes the unreliability of official inflation data. The sub-title is even catchier: “Developing countries like China are infamous for fudging economic stats, but in reality, lying about inflation is as American as baseball.” Apparently, the belief that things are worse than governments are willing to admit is trickling down from the ivory tower.
I have not been to China except Hong Kong and that was before its accession, and baseball closely followed by cricket is one of the few games I have had difficulty to understand what really is going on. But I do know that Chinese officials do not deserve that title. None can beat our beautiful government (Turkish government for the non-followers of this web log) when it comes to fudging (I love this word, I can not help but think it is some kind of dessert) inflation data.
Now, let us have a closer look at the figures of 2008, first half, to see how much the prices have increased:
- Lentil: 80%
- Rice: 50%
- Bulgur: 50%
- Sunflower oil: 48%
- Ferry tickets: 48%
- Chicken: 30%
- Bread: 26%
- Diesel: 26%
- Train tickets: 24%
- Pasta: 20%
- Utilities: 19%
- Communication: 12%
And… here is the blog contest of the year:
Which of the following figures do you think the government’s claim for inflation (first half of the year):
- 36%
- 24%
- 15%
- 6%
You are required to give your answer in the comments section. The winner, who will be chosen among the participants will be entitled to 100 Entrecard credits, the toughest and strongest currency in the world. Oh, let me at least give you a clue as some of you may know nothing about Turkey:
I almost classified this post under “Humor” category, but seeing I had to create it first, I posted it under “Disinformation”.
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