[xorbie]

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IMO, the best measure of price inflation is not a gigantic "basket of goods" that is heavily subject to manipulation, but rather the prices of homogeneous (or mostly so) goods that have many suppliers and many consumers and are not subject to great innovations in quality, like milk, eggs, white bread, newspapers, etc.

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I really like this point, my only question would be whether or not energy and fuel costs would enter into your equation.

edit: Covered, ignore.