In thinking about benchmarks, does it matter right now which oil price to refer to? Jim H. and others have noted Brent is a more appropriate benchmark for gasoline prices.
Oil Price Futures and Forecasts
Here’s a picture of Brent (monthly average of daily data) through October, and futures.
Hyperinflation, Illustrated
Phillip Cagan (1956,“The Monetary Dynamics of Hyperinflation”. Studies in the Quantity Theory of Money,” edited by Milton Friedman (1956), pp.25-1) defined hyperinflation as inflation in excess of 50% per month (or about 13,000% annualized).
Some Useful Terms in Economics
There are some terms used on this blog that provoke some confusion. Here are some quick definitions that might help some readers.
Oil Price Pass Through into Gasoline Prices
From Hakan Yilmazkuday, “Oil Price Pass-Through into Consumer Prices: Evidence from U.S. Weekly Data”, forthcoming in JIMF:
Latest One Year Horizon Inflation Expectations
Michigan (preliminary) remains high and NY Fed rises 40 bps; both are consumer based. Cleveland Fed forecast is lower than in September.
Gasoline Prices through Time
Conventional gasoline price since 1990.
Are Low Wage Wages Keeping Up with Inflation
If accommodation and food service wages evolve in October in the same way the have covaried with overall leisure and hospitality service wages, then the answer is yes, for a variety of price indexes.
A “Fiscal Cliff Scenario” – A Symposium of Views in The International Economy
October Inflation – Different Measures
Chained, and particularly Trimmed, and Sticky Price CPI are less than headline.