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Its not about the documentation, its about the complexity and subjectivity (e.g. substitute goods, weighting of regions, remove outliers, and quality adjustment
by bko 5y ago
Its not about the documentation, its about the complexity and subjectivity (e.g. substitute goods, weighting of regions, remove outliers, and quality adjustments). I'd much prefer a simpler "less accurate" measure like the change of a fixed basket of goods from two periods within a short time period and an updated basket to be used for the next period. That way you're not stuck w/ buggy whips on your CPI index. Instead we have an indiscernible mess that doesn't reflect reality and that no one trusts.
https://www.bls.gov/opub/hom/cpi/calculation.htm https://www.bls.gov/opub/hom/cpi/calculation.htm