This is from an article discussing the changes and their intended effect on representing the CPI inflation as low compared to actual.
“The general argument was that changing relative costs of goods results in consumers substituting less-expensive goods for more expensive goods. Allowing for a substitution of goods within the formerly “fixed basket” would allow the consumer flexibility in obtaining a “constant level of satisfaction.” This adjustment to the inflation measure was touted as more appropriate for the GDP concept in measuring shifting demand and weighting actual consumption. Other tricks were also used to give the illusion of less inflation. In cases where the quality of the product are deemed by the government to be “improved” prices in the CPI, calculations are now adjusted lower to offset the higher quality. Extending this idea the Baskin Commission Report, December 4, 1996, actually used steak and chicken for its substitution example.”
In simple terms, as inflation increasing the cost of a good beyond what you can pay, you find a lower quality substitute. They credit inflation with this cost saving instead of recognizing you are forced to accept a lower quality and maybe even inadequate substitute.
This is just a brief example of the tricks that have been put into the CPI to make inflation APPEAR to be low.
So it looks like Biden is helping me to deal with inflation.
Do they count the cost of additional cooking time to get the tougher cuts of meat to become edible?