Krugman Ridiculed for Declaring Inflation Over Using Narrow Measure Excluding Key Expenses
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Nobel economist Paul Krugman declared inflation over based on a measure that excluded food, energy, housing, and used cars.
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Krugman was widely mocked on social media for dismissing major expenses people face.
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Critics said Krugman's inflation measure was a joke and not reflective of real world costs.
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Krugman admitted his original tweet was too flip but stood by view that underlying inflation has eased.
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Though inflation has dropped from highs, it remains well above the Fed's 2% target while consumers feel squeezed by prices.