"Index" in this excerpt does not mean CPI. And Fergusson's comment is itself "cooked". The German authorities did not manipulate the figures, they misrepresented their meaning to reassure the population that there was no inflation. https://mises.org/library/hyperinflation-germany-1914-1923 https://twitter.com/nic__carter/status/1387787093821296642

I'm not by any means defending what the German authorities - including the statistical bureau - did. But at the time, the metrics they used and the way they used them were standard practice. We need to beware of being wise after the event.

Oh, and before any one starts accusing me of "Keynesianism", may I draw your attention to the impeccably Austrian source I cited in the first tweet in this thread.