The argument is that since a sidewalk hotdog currently costs more than $1.45, we should have considerable doubt that the inflation rate was calculated correctly

The argument is that since a sidewalk hotdog currently costs more than $1.45, we should have considerable doubt that the inflation rate was calculated correctly. If the average sidewalk price then is equivalent to the lowest possible price now, it seems fair to say that the actual rate of inflation was higher than the official figure. The problem is deciding if a "sidewalk hotdog" then is really comparable to a "sidewalk hotdog" now, given all the other changes in consumption habits and opportunities.