List of five problems with measuring CPI.
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The consumer price index is an imperfect measure of the cost of living for the following three reasons: substitution bias, the introduction of new goods, and unmeasured changes in quality. Because of measurement problems, the CPI overstates annual inflation by about 1 percentage point.
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Three problems with the CPI deserve mention: the substitution bias, the introduction of new items, and quality changes.
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