Some humor for today

[David Joffe]

http://www.fin24.com/Economy/Mageu-tablet-computers-in-inflation-cou
nt-20121106

Mageu, tablet computers in inflation count
2012-11-06

Johannesburg - Mageu, feta cheese, hot chocolate and filtered coffee
will form part of the CPI basket from January 2013, Statistics SA
(StatsSA) said on Tuesday.

They would be among the list of goods and services used when
calculating the consumer price index next year.

Items in the CPI basket are representative of the main categories of
goods and services typically bought by households.

The changes to the basket indicated shifts in consumer choices.

Other products which would be included in the CPI basket from
January next year were vodka, bricks and cement, energy-saving light
bulbs, tablet computers, hair extensions, and package holidays.

Items leaving the CPI basket were samp, savoury biscuits, dried
fruits and nuts, frozen vegetables, dried lentils and peas, and
vienna sausages.

Presently, there were 402 items in the CPI basket. The new basket
would have 393.

Stats SA price and employment statistics executive manager Patrick
Kelly said: "Another significant change will be a basket for each
primary urban area, secondary urban area, and rural area in each
province."

At present, there was only one CPI basket for each province.

Kelly said one of the reasons for the change in the provincial
basket was that there were goods and services consumed by people in
urban areas, but not in the rural areas of the same province.

"It must be noted that the baskets reflect the pattern of residence
rather than the point at which purchases are made."

There would also be changes in the weights of the items in the
basket. All indices would be rebased to 100. The new base would be
2012, while the current base was 2008.

Kelly said there would be changes to the Producer Price Inflation
index as of January 2013.

Meanwhile, Reuters reportsthat the weighting of electricity and
fuels will almost double to 4.1% from the current 2.1%, reflecting a
steady rise in electricity tariffs from state utility Eskom. Petrol
will rise to 5.4% from 3.6%.

Household contents and services also dropped in weighting, to 4.9%
from 6.1%.

Analysts said the changes would not make a marked difference to
headline inflation, which quickened to 5.5% in September.

[Gary Moore]

Humorous indeed.

Here's the antidote:

Asked what is the key thing poor countries should do, Hong Kong financial secretary Sir John Cowperthwaite once remarked: "They should abolish the Office of National Statistics." In Hong Kong, he refused to collect all but the most superficial statistics, believing that statistics were dangerous: they would lead the state to fiddle about remedying perceived ills, simultaneously hindering the ability of the market economy to work:

http://www.quebecoislibre.org/06/061029-5.htm