The commodity substitution bias is most likely to put ________ into the CPI and so ________ the inflation rate.

Name: The commodity substitution bias is most likely to put ________ into the CPI and so ________ the inflation rate.
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Question

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The commodity substitution bias occurs because the CPI does not fully account for consumers switching to less expensive alternatives when prices change. This leads to an overestimation of the cost of living and, consequently, an overstated inflation rate.

The Commodity Substitution Bias Is Most Likely to Put ________