Benzinga - In a Sunday post on X, formerly Twitter, economist Paul Krugman called out blockchain-backed inflation tracking site Truflation for its consistently lower inflation numbers compared to the Bureau of Labor Statistics (BLS).
What Happened: Krugman, in his tweet, questioned the utility of Truflation’s data. The site’s figures, he noted, are consistently lower than those reported by the BLS.
Hey, does anyone remember Truflation? This was backed by a bunch of blockchain types, who I'm pretty sure expected to "prove" that the BLS was understating inflation. Instead, their numbers keep coming in lower than the CPI pic.twitter.com/qL9bjIiWjg— Paul Krugman (@paulkrugman) February 25, 2024
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Truflation, known for its daily inflation tracking using real-time metrics, has been indicating inflation rates lower than the government-reported rate of 3.4%, according to a report published in January.
The next set of inflation data, for February, is set to be reported on March 12 at 8:30 a.m. EST, according to BLS.
Why It Matters: The technology behind Truflation also underpins cryptocurrencies such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO ETH). Krugman highlighted the fact by saying the inflation dashboard, which claims to be “unbiased” was “backed by a bunch of blockchain types.”
This isn’t the first time Krugman has made statements on inflation. Last month, he stated that inflation appears to be a thing of the past.
Investors are currently on the lookout for the Federal Open Market Committee Meeting’s minutes which are due to be released on Wednesday at 2 p.m. EST. At the January meeting, the Federal Reserve opted to keep interest rates steady within the range of 5.25% to 5.5%.
The Fed statement notes that inflation has decelerated over the past year, but continues to be elevated but there was no mention of “additional policy firming,” according to the prior Benzinga report.
Photo by TANYA LARA on Shutterstock
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