All measurements slow down.
Figure 1: Instant inflation (T=12, a=4) by Eeckhout (2023) for CPI (bold black, chained CPI (sky blue), PCE deflator (beige), PCE deflator with market-based prices (red). Chained CPI seasonally adjusted by author using X-13. Source : BLS, BEA via FRED and the author calculations.
