>Arnott: CPI is a "massive shell game"

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Mr. Arnott said, when the Bureau of Labor Statistics used car prices that were net of the “cars for clunkers” program. That program gave qualifying automobile buyers up to $4,500 in rebates, which the BLS calculated as a price drop.

“That’s pure fraud” in the CPI, Mr. Arnott said, adding that low inflation figures also tend to overstate real GDP growth.

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