What does "substitution bias" in the consumer price index refer to?

Question

Quizplus · Accepted Answer

Substitution bias in the consumer price index refers to the practice of replacing more expensive goods with cheaper goods in consumer purchases. This can distort the inflation rate because the index assumes that consumers continue to purchase the same goods at the same price, even when prices for those goods increase. However, in reality, consumers may switch to cheaper alternatives, which can lead to an overstated rate of inflation.

What Does "Substitution Bias" in the Consumer Price Index Refer