How high is inflation? Depends how you ask

Seemingly small differences in how inflation is referred to in a survey can lead respondents to consider significantly different price concepts, says a paper from the New York Federal Reserve.

The paper shows that consumers tend to elicit responses that focus on the most visible prices, such as gasoline or food, in survey measures of inflation expectations. However, questions on the rate of inflation lead to responses on the prices that American citizens pay in general, which is an

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