What is the real Consumer Price Index?
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Each month, the U.S. Bureau of Labor Statistics releases price data for a basket of consumer goods and services. They use this data to track inflation—the rate at which prices are rising within the U. S. economy. They call this basket of prices the consumer price index, or CPI.
As a method of national accounting, it is a rigorous and reliable measure of the overall rate of inflation within the U.S. economy.
However, as a measure of the economic realities of everyday Americans, the official consumer price index has big problems. By collapsing the entire economy—including all of its consumers—into a single number, the official CPI systematically understates the impact that rising prices have on middle-class American households.
The real Consumer Price Index (rCPI) is designed to capture the economic realities of working- and middle-class Americans. Drawing from the same government data used to estimate the official rate of price inflation, the rCPI provides a rebalanced weighting system that reflects the actual rate at which prices are going up for American households.
The numbers that emerge paint a shockingly dimmer view of the U.S. economy than official government statistics would lead us to believe.
https://www.dvidshub.net/video/525968/bureau-labor-statistics
The real Consumer Price Index
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