Credit losses are rising as US consumers shift spending to basic needs and away from purchases that aren’t vital, according to Citigroup Inc. Chief Financial Officer Mark Mason.
CPI "economists": "well, since people don't buy meat anymore because it's too expensive, we'll remove it from the basket of goods that we use to calculate inflation. Isn't that convenient?"
Source: CPI moves to cheaper variants of products over time because people stop being able to afford them, for example they used to use the price of a beef steak in their products basket but switched to ground meat because the price of the former had gone up so much that a majority of people bought ground meat instead.
CPI "economists": "well, since people don't buy meat anymore because it's too expensive, we'll remove it from the basket of goods that we use to calculate inflation. Isn't that convenient?"
Source: CPI moves to cheaper variants of products over time because people stop being able to afford them, for example they used to use the price of a beef steak in their products basket but switched to ground meat because the price of the former had gone up so much that a majority of people bought ground meat instead.