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The Consumer Price Index as a Measure of Inflation

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An examination of the potential bias that results from the expenditure-based weighting scheme the CPI employs (weighting bias) and from persistent errors in measuring certain prices (measurement bias). This bias makes the CPI a bad measure of inflation.

Suggested citation: Bryan, Michael, and Stephen Cecchetti. “The Consumer Price Index as a Measure of Inflation,” Federal Reserve Bank of Cleveland, Economic Review, vol. 29, no. 4, pp. 15-24, 12.01.1993.

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