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Gary Franchi From NextNewsNetwork.com reports, Thomas Elliott explained on twitter: “The CPI [Consumer Price Index] as originally conceived was intended to track the cost of maintaining a constant standard of living. In 1980, the Fed altered its tool for calculating inflation such that it was no longer measuring a constant “basket of goods” but rather a “quasi-substitution-based[…] basket of goods”; now, via “hedonics,” the Fed would, for example, use tech improvements to offset rising prices.
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