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The
CPI won't go up because the 'geometric mean' formula accounts for
'substitute bias'.
Remember, the BLS asserts that "consumers can and
do, to some degree,
insulate themselves from the impact of higher prices by adjusting
their
spending to favor relatively lower-priced goods or
services."
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From summertime 2000:
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May 2000:
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© 2000/2001/2002/2003 markpoyser all rights reserved