Stick That in Your Tank

I know the Fed is worried about deflationary pressures — but could they maybe worry a little less? Here’s the latest on the rising cost of living:

The cost of living in the U.S. rose in February by the most in 10 months, reflecting a jump in gasoline that failed to spread to other goods and services.

The consumer-price index climbed 0.4 percent, matching the median forecast of economists surveyed by Bloomberg News, after increasing 0.2 percent the prior month, the Labor Department reported today in Washington. The so-called core measure, which excludes more volatile food and energy costs, climbed 0.1 percent, less than projected.

Of course, the “core measure” is, to put it bluntly, BS. Inflation is supposed to be the measure of upward price volatility. So what does the “core measure” do? It leaves out gas and food prices — the most volatile prices American consumers face.

That’s right: The people measuring inflation leave out the worst of it. On purpose. How convenient.

I’m going out for a quick bite later today. Gas there and back will cost more than lunch.