In a Sunday post on X, formerly Twitter, economist Paolo Krugmann called the blockchain-backed inflation tracking site Fraud for its consistently lower inflation numbers than the Bureau of Labor Statistics (BLS).
What happened: Krugman, in his tweet, questioned the usefulness of Truflation data. The site’s numbers, he noted, are consistently lower than those reported by the BLS.
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According to a report released in January, Truflation, known for its daily monitoring of inflation using real-time metrics, points to inflation rates lower than the 3.4% rate reported by the government.
According to BLS, the next round of inflation data, for February, will be released on March 12 at 8:30 am EST.
Because matter: The technology behind Truflation also underlies cryptocurrencies like Bitcoin Bitcoin/USD AND Ethereum (CRYPTOETH). Krugman highlighted the fact by saying that the inflation dashboard, which he claims to be “unbiased,” is “backed by a bunch of blockchain guys.”
This is not the first time Krugman has made statements about inflation. Last month he said inflation appeared to be a thing of the past.
Investors are currently on the lookout for Federal Open Market Committee meeting minutes that are expected to be released Wednesday at 2:00 PM EST. At its January meeting, the Federal Reserve decided to keep interest rates stable in the range between 5.25% and 5.5%.
The Fed statement noted that inflation has slowed over the past year but continues to be high, but there was no mention of “further tightening of monetary policy,” according to the previous Benzinga report.
Photo by TANYA LARA on Shutterstock
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