Ed Elson

Instead, they simply assumed, as Mark told us, that prices just remain the same, probably because it was the least political assumption they could make.

But we all know, of course, that isn't true.

Prices always change.

And this is a real problem.

Because it didn't just affect the October report, it also affects multiple reports after that.

The October numbers impact the November numbers, which impact the December numbers, and so on and so forth.

And then the question becomes, at what point is the data going to be correct?

And the answer appears to be, according to Mark...

next year, next October.

But the more important point stands, and that is prices didn't rise 2.7% year over year, which by the way is already very high.

There is a downward bias in the data

which means that prices rose more than that.

And this is where third-party data is really helpful.

And thankfully, we have it right here in front of us, courtesy of Mark.

The true number is 3% year over year.

In other words, before Liberation Day, before the tariffs, we had 2.3% inflation.

After Liberation Day, after the tariffs, we now have 3% inflation.

There is no question that,

what tariffs have done to prices in America.

Prices have gone up, and they have gone up a lot.