Earlier this morning, the Bureau of Labor Statistics (BLS) released its CPI statistics, which are used to measure inflation, and ultimately sending shockwaves through financial circles. The headline takeaway? Inflation is red-hot—again. In early morning trading, the key indexes tanked:

On the surface, this is the perfect data point for the usual narrative spin: “Inflation is out of control! Rates are going higher! The economy is overheating!” and so on. But that’s the lazy way to analyze markets. And actually, these kinds of reports are even potentially being abused by forces and data points that those who share it and report on it do not even understand themselves.

Fortunately, social media and alternative data sources now allow for faster access to research, giving traders and investors an edge over mainstream reporting. My favorite insight today comes from examining the composition of the latest CPI print. One glaring anomaly immediately stands out—the giant green bar for “transportation services.” Look at the green bar in this breakdown of the latest CPI print:

Take a closer look at the data, and something bizarre emerges. Transportation services are supposedly a major driver of inflation this month. But does that make sense? Airfare prices are more competitive than ever, with airlines fighting to fill seats. Did bus fares suddenly spike 10% in a single month? What exactly happened here? Is this an error, or is something else at play?

This CPI report raises serious questions that I’ve always wondered. It’s difficult to believe this is an accurate representation of inflation when certain components feel completely detached from reality. There’s huge alpha for those who can actually read a report rather than just repost headlines. For a better perspective, take a look at Truflation. The crash in inflation is as clear as ever. Truflation’s real-time data shows a 2.07% inflation rate, significantly lower than the government-reported 3.0%:

I’ve never posted something like this before, but possibly, there are clear signs of manipulation—or at the very least, poor data handling—in this CPI report. More importantly, why aren’t we creating a free and open marketplace of CPI providers to compete in the open market and share their data transparently? Why should a single government institution be solely responsible for publishing these inflation numbers? There should be several firms competing in the open marketplace for this data, and people can then pick and choose their own favorites.

This isn’t about blindly following one data set over another—it’s about questioning why we’re still relying on outdated, centralized reporting when better alternatives exist. A future where multiple CPI providers compete in an open marketplace could bring more accurate, real-time inflation data to traders, businesses, and consumers alike.

It’s time for a change.

Here’s how the stock market is now as not I only I shared this across my X feed, but many more also saw it: