What's in the CPI and what does it actually measure?

By Peter Martin, Visiting Fellow, Crawford School of Public Policy, Australian National University

So you don’t believe the official inflation figures. Why would you? They show prices climbing at an annual rate of 1.1%

On Wednesday the update for June quarter is likely to show prices climbing at an annual rate three times as high — somewhere between 3% and 4%, which will probably be another reason you won’t believe them.

(As it happens, most of the “jump” will be because of a different starting point. The 1.1% figure reports…

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