You are playing a word game here by taking a very specific definition of inflation useful to bureaucrats to argue that ipad processor speeds meaningfully counteract food prices in the way an average person perceives the price level. This simply isn't true unless again you redefine all of those words, which, while not hard to do, isn't particularly useful to people who aren't that specific group of bureaucrats.
So pick whatever definition of inflation you want. Just understand that what normal people care about in terms of inflation is how many pieces of paper they need to achieve the basic goals of their life and your definition is totally irrelevant to their set of concerns. Your having a totally separate conversation then they are with nothing but some semantic overlap.
So pick whatever definition of inflation you want. Just understand that what normal people care about in terms of inflation is how many pieces of paper they need to achieve the basic goals of their life and your definition is totally irrelevant to their set of concerns. Your having a totally separate conversation then they are with nothing but some semantic overlap.