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Economic Review

The Consumer Price Index as a Measure of Inflation

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 F., and Stephen Cecchetti. 1993. “The Consumer Price Index as a Measure of Inflation” Federal Reserve Bank of Cleveland, Economic Review vol. 29, no. 4, pp. 15-24.