I mentioned a new column on why Inflation is real the other day (here). But an incident today was so telling re: measuring inflation (an aneccdote, I admit), I felt I had to share.
Thanks to a fire in the NYC Subways, a business lunch got postponed. So a friend (AK from Bear Stearns) met me for lunch at one of our old favorite Chinese restaurants. Its a local place that’s cheap and authentic (although I prefer Mr. K’s).
We haven’t been there in nearly a year. Same owners, we order the same dishes we always did — we even get the same waitress at the counter we always used to. (Noodle/Dumpling soup for me, AK has Roast Pork).
When the we food arrives, we both look at each other. The portions are half what they typically were! Lots of rice, noodles, veggies — but the meat portions were at least a third smaller.
Pray tell: How does this smaller portions in Restaurants show up in BLS data ?