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It is easy to calculate. A gallon of milk today is essentially the same as a gallon of milk 100 years ago. Same with gasoline and cans of beans.
by teruakohatu 7y ago
It is easy to calculate. A gallon of milk today is essentially the same as a gallon of milk 100 years ago. Same with gasoline and cans of beans.
- rory096 7y agoThat's not accurate. CPI adjusts both in basket composition and the more nebulous hedonic quality adjustment. The TV you bought for $500 today is not the same as the one you bought for an equivalent price 30 years ago.
- riffraff 7y agoit is actually very interesting to see the variations in CPI baskets. I recall, for example, when the standard basket in Italy used to contain Sambuca[0], and was updated in the '00s to instead include Limoncello[1] due to changed consumer habits. [0] Anise-flavoured liquor, often added to coffee https://en.wikipedia.org/wiki/Sambuca https://en.wikipedia.org/wiki/Sambuca [1] Lemon-zest flavoured liquor https://en.wikipedia.org/wiki/Limoncello https://en.wikipedia.org/wiki/Limoncello