Image Source: PixabayA comparison between CPI, chained CPI, PCE price index, and HICP deflation:Figure 1: Average hourly earnings, CPI deflated (blue), chained CPI deflated (green), PCE price index – market based deflated (tan), and HICP deflated (red), all in 2019$. Chained CPI, HICP deflated by author using X-13. Source: BLS, BEA, European Commission.Estimated real median income through October, from MotioResearch.I discuss consumption and the consumption outlook in light of income and inflation trends with Justin Ho on Marketplace today.More By This Author:Three Measures Of Output The Ruble Under Pressure Six Measures Of Core Instantaneous Inflation

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