How Govt. Hides the Poor: Formula for Measuring Poverty Dates to When a Loaf of Bread Cost 22 Cents

[whatthehey]

5. yes that's when the formula was started, but it does not currently assume a 22c loaf

so it's not measuring a 1963 trip to the grocery store - it just started measuring trips to the grocery store in 1963. The "indexing annually for inflation" clearly mentioned will likely overestimate the price of basic bread.

This site claims to use the government CPI and shows a loaf of bread would be 1.68 now if it were 0.22 in 1963.

http://www.dollartimes.com/inflation/inflation.php?amount=0.22&year=1963

Now you can certainly pay more than $1.68 for a loaf but you can certainly pay less too. I don't recall too much in the way of fancy artisanal breads in 1963, but I confess I was young enough not to know the options in detail. My local supermarket sells whole wheat or white for $1.39