Narratives in news discourse play a critical role in shaping public understanding of economic events, such as inflation. Annotating and evaluating these narratives in a structured manner remains a key challenge for Natural Language Processing (NLP). In this work, we introduce a narrative graph annotation framework that integrates principles from qualitative content analysis (QCA) to enhance methodological consistency. We present a dataset of inflation narratives annotated as directed acyclic graphs (DAGs), where nodes represent events and edges encode causal relations. To evaluate annotation quality, we employed a 6×3 factorial experimental design to examine the effects of narrative representation (six levels) and distance metric type (three levels) on inter-annotator agreement (Krippendorrf’s 𝛼), capturing the presence of human label variation (HLV) in narrative interpretations. Our analysis shows that (1) lenient metrics (overlap-based distance) overestimate reliability; (2) locally-constrained representations (e.g., one-hop neighbors) reduce annotation variability. Our annotation and implementation of graph-based Krippendorrf’s 𝛼 are open-sourced. The annotation framework and evaluation results provide practical guidance for NLP research on graph-based narrative annotation.