Paul Krugman’s assertion that “the war on inflation is over” if you exclude food, energy, shelter, and used cars is being mocked online.
The Nobel Prize-winning economist and New York Times columnist posted the comment on his X social media account on Thursday.
“The war on inflation is over,” Krugman wrote in the caption, adding: “We won, at very little cost.”
Krugman attached a graph titled “CPI ex food, energy, shelter and used cars” that showed a declining rate stretching from 7% in January of last year to slightly below 2% in September.
The reaction on X to Krugman’s post was scathing, with critics noting that the Labor Department’s consumer price index (CPI) — the most widely used by economists to gauge prices faced by consumers — factors in those day-to-day living expenses.
“This is fantastic news for all Americans who don’t need food, a place to live, or fuel & electricity,” wrote Tim Murtaugh.
Hellbound and Down 