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?
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?