RS 7: George, Lettuce, and CPI

George Minichiello is a professional shopping inquirer. He is sent from location to location, whether it be a grocery store or a shoe store, to check on the prices of items from companies that make up the “market basket.” The market basket is the random mix of items that are being bought on the market by Americans. George is a surveying who figures out with items are being bought.

“George is one of hundreds of federal employees who goes to stores all over the country and record the prices of thousands of different things. A bag of romaine lettuce. A boy's size-14 collared shirt made of 97 percent cotton. A loaf of white bread.”

Since prices are constantly changing, George is constantly working. There are 450 people nationwide that follow prices of goods so that they can keep the CPI information up to date and correct. The CPI is an economic indicator that measures inflation in the United States. It stands for “consumer price index” and it’s value affects everything that costs money, from a price of pizza to health care.

Online prices and in store prices often differ, so it is interesting to me that they have 450 people nationwide checking each store. If a sales clerk at Forever 21 is in a rush, they probably won’t accurately describe the prices to the price inquirer or they will make errors. Their job is vital and accuracy is key!

I think this is definitely the best way to calculate the CPI. By having a worker individually check a price, though repetitive, it ensures that companies cannot forge prices or make errors.

George is described as a methodical man. He has regular stops and places that he checks pricing at. There are certain things he cannot reveal to NPR, such as the name of the owner of the stores or the names of the stores itself. I don’t understand why it’s so secretive! He is checking the prices of lettuce at a grocery store, not undercover drugs. Lettuce tell you George, you need to chill. How many people really care what the CPI is a week before it comes out? I guess nerdy economics people. But you would have to follow all Georges and every price…and I would hope those people aren’t that extremely nerdy! 

P.S. Hearing this guy talks about ribbons and lace on women's dresses = priceless and awkward.