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One thing that would improve health policy? A proper measure of inflation

Governments are using the figures that suit them rather than seeking an accurate set of numbers 

By Anita Charlesworth and Adam Tinson  

Photo: Kirsty O'Connor/PA Archive/PA Images

Borrowing from Oscar Wilde, economists are often accused of “knowing the price of everything, and the value of nothing.”

In fact, it turns out that in the 21st century, knowing the price of everything is harder than it seems. At least when it comes to the key things necessary to measure the rate of inflation. We don’t all buy the same things, and with technological change, products improve over time, so a mobile phone today is not the same as a mobile phone 10 years ago. Inflation measures…

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