Understanding statistics is important for many aspects of life, business, work, careers & research. The Economist has a nice article that shows the importance of statistics and raw data. Read the full article here. If the raw statistics is wrong, no amount of data analysis or quantitative analysis will be helpful. Nice move by the Economist to drop the official Argentinian Statistical Office numbers and replace them with more reliable estimates!
This article mentions the billions of dollars that investors have lost. It is directly impacting those who may have bought inflation protected bonds or assets as an artificially low inflation estimate directly costs you money! Should you need help understanding more about any of these topics our statistics tutors or finance tutors will be glad to assist you.