A special commission set up by Congress to study the accuracy of the consumer price index has concluded the C.P.I. overstates inflation by approximately 1.1%. The commission, headed up by former Bush Administration economic advisor, Michael Boskin, made several recommendations for correcting the upward bias...which costs the federal government billions of dollars every year because the C.P.I. is used to adjust benefit payments to millions of American retirees and veterans. NPR's John Ydstie reports.
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