If consumers purchase fewer of those products that increase most in price and more of those products that decrease in price as compared to the CPI basket (in other words, consumers substitute away from goods that have increased in price the fastest), then
changes in the CPI understate the true rate of inflation.
changes in the CPI are unrelated to the true rate of inflation.
changes in the CPI accurately reflect the true rate of inflation.
changes in the CPI overstate the true rate of inflation
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