A Consumer Price Index (CPI) that went up by just .6 percent during the past year hides a much larger increase in some grocery prices.
Because a Covid-19 basket of goods and services has a different inflation rate from the CPI basket, the cost of living might not be what we think it is.
While we see similar tastes and shopping patterns in the world’s most expensive cities, the reasons for a high and low cost of living vary.
More than a number, the cost of living in the world’s most expensive cities is about bread and wine and who can afford to stay.
Our economic news summary ranges from elasticity and a Berkeley soda tax to the minimum wage and the cost of living, to the power of the market and ivory.
Comparing median and minimum wage and looking at how the cost of living varies, we can see that the wisdom of a $15 minimum wage hike depends on location.
Told that someone earns $250,000 a year, you should ask, “Where do you live?” According to CNN, you would need to earn $545,000 in Manhattan to spend what $250,000 will buy in Missoula, Montana. On this map, you can see…