Have you ever wondered what exactly goes into the Consumer Price Index? … Eric Swanson, professor of economics at the University of California, Irvine, told The Hill that the most recent updating of the basket composition and basket weights will be for the January 2023 price index. “There’s a lag between when the basket is measured and when it gets used in the CPI calculation, however,” Swanson said. “For example, the weights they’re using this year are based on consumer patterns from 2021.  This does raise some issues that maybe households spending patterns in 2021 were unusual because of the pandemic,” he said.  

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