US inflation measures compared
Keeping a close eye on changes in consumer prices is a key aspect of central banks' task to keep inflation low and stable. But measuring the changes and agreeing on the measure is not straightforward. The US measure of CPI has undergone a series of refinements in recent years and in August 2002 a new "chained" index was published designed to be a better measure of consumer prices and the "cost-of-living" than the traditional CPI. A recent Economic Letter from the San Francisco Fed examines the
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