[losteric]

Just to add specifics, the cumulative inflation since September 2019 is over 20% and it's still growing. All that's changed is the year-over-year velocity has decreased.

But! US average hourly income is also up about 20%. Granted, that's an average - US tech income (upper-middle class) is probably flat, as is the minimum wage-bottom.

[drexlspivey]

> the cumulative inflation since September 2019 is over 20% and it's still growing

but it’s always growing

[ska]

But at target rates it would be about 8% since 2019, not 20%.

[xxpor]

No, the minimum wage bottom (very few people any more at the federal level, ~2.5%. In 2010 it was >10%) has seen the fastest growth vs the middle and top of the ladder.

[matthewmacleod]

All that's changed is the year-over-year velocity has decreased

This is literally inflation – the rate of change of prices.

[losteric]

I know. There's a gap between common language and technical definitions. Most people use "inflation" to baseline current prices against recent memory (ie cumulative change over multiple years).

I opt against the quixotic battle for language, people typically skim such pedantry.

Also... one could argue the YoY definition is "wrong" if consumers are thinking and planning based on a longer time period. Why report YoY instead of a rolling 2 years? 5? Or perhaps different windows for specific items within the basket?