You can't calculate inflation over the long run without changing the components of the basket, and it goes both ways: http://www.bls.gov/opub/mlr/2014/article/

You can't calculate inflation over the long run without changing the components of the basket, and it goes both ways: http://www.bls.gov/opub/mlr/2014/article/one-hundred-years-of-price-change-the-consumer-price-index-and-the-american-inflation-experience.htm http://www.bls.gov/opub/mlr/2014/article/one-hundred-years-o... For example, the average household no longer purchases coal or firewood to heat their home, and we no longer buy straw hats. That seems completely reasonable to me. People's preferences change. On the other hand, we've added radios, TVs, cars, etc. to the basket.