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Weaving a new 'basket'

Published Fri, Sep 26, 2014 · 10:00 PM

THE consumer price index (CPI) is an indispensable tool for an economist. Managing inflation is one of the most critical objectives for the modern central banker, and the way that inflation is measured is through the CPI, that gauge of what people can actually buy with the money that they make.

At its core, the CPI mea…

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