Published Tuesday, May 27, 2008 by Robert P. Murphy
Consumers shell-shocked by ever higher records for oil and gasoline prices may have been surprised by the mild Producer Price Index (PPI) update recently issued. The Labor Department says that energy prices fell 0.2 percent, and in particular gasoline prices fell by 4.6 percent. This struck me as odd. It reminds of a line from Chico Marx: "Who are you going to believe, me or your own eyes?"
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The Government's Statistical Whopper of the Year (2.52 MB)