If the price of beef rises and consumers buy more chicken and less beef, what kind of bias does the consumer price index exhibit?

Consumer Price Index

A gauge that determines the aggregate weighted cost of various consumer goods and services, such as healthcare, food, and transportation, for the purpose of estimating inflation figures.

Substitution Bias

The phenomenon where consumers change their preferences to buy cheaper alternatives as prices rise, which can lead to inaccuracies in measuring inflation.