Krugman graphed the Consumer Price Index excluding “shelter, food, and used cars.” The CPI, which ostensibly tracks changes in the price of consumer goods, is already a quasi-bogus number whose quirky methodology allows government to make prices seem lower. That wasn’t enough for Krugman, who simply removed three of the biggest household spending variables to take the real CPI of 3.7% and jam it below 2%, creating his own bespoke inflation monitor.

Krugman was instantly mocked, even by other mainstream outlets. “Nobel Economist Paul Krugman Mocked For Saying Inflation is Over if You Exclude Most of What People Buy,” was the take in Business Insider. “Inflation is not a problem if you don’t buy anything,” added TalkMarkets. The funniest response showed Krugman had zoomed past The Onion and become a Babylon Bee headline ...

Krugman backpedaled slightly, but couldn’t help himself and went back month after month to argue the numbers were better than they seemed.