The US’s most popular inflation gauge, the consumer price index, is one of the few areas of American life where income doesn’t really play a role.The indicator, which is compiled by the Bureau of Labor Statistics (BLS), is based on the agency’s’ understanding of average consumption of goods and services. It doesn’t reflect differences between what the rich and poor buy, or how much they pay for it, giving policymakers little visibility on how prices affect people across the pay scale.So now, a group of economists is suggesting that inflation be reported by income group. The economists, who were brought together by the National Academies of Sciences, Engineering, and Medicine, say in a new re
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