What do economists believe about the bias in the CPI as a measure of the cost of living?

Question

Quizplus · Accepted Answer

While there is generally agreement among economists that the CPI has some bias as a measure of the cost of living, there is still debate among economists as to the severity of the bias and what steps should be taken to address it. Some economists argue that the CPI understates the true increase in the cost of living, while others believe it overstates it. Additionally, there are differing opinions on how to adjust the CPI to account for these biases, with some arguing for a more comprehensive measure that takes into account changes in consumer behavior, and others calling for changes to the weighting of different goods and services in the calculation of the index.

What Do Economists Believe About the Bias in the CPI