The COVID-19 pandemic is impacting the way Americans socialize, work and play—and how we spend money. Since March, virus-containment measures like lockdowns, quarantines and social distancing have altered our purchasing behavior, while the supply and demand of consumer goods—and the value they hold—has also changed. But the U.S. Consumer Price Index (CPI), which tracks prices for a set basket of goods and services and helps policymakers measure household spending and inflation, hasn’t been adjusted for the pandemic—it doesn’t take into account that Americans stopped going to the movies but had started hoarding toilet paper, for instance.

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