LYCOS RETRIEVER 
Inflation: Period
built 184 days ago
The "best" measure of inflation for a given application depends on the intended use of the data. The CPI is the most commonly used measure for adjusting payments to consumers when the intent is to allow consumers to purchase, at today's prices, a market basket of goods and services equivalent to one that they could purchase in an earlier period. It is widely used to index wages, benefits, taxes and transfers. Also, the CPI makes comparison between years other than the base year easy because the types and quantities of the goods and services consumed are fixed.
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The Phillips Curve did well for a while - but all this changed in the 1970s, a period of high unemployment and high inflation. This phenomenon was obviously incompatible with the received reasoning of the Phillips Curve. How then is one to explain this?
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In hybrid inflation, one of the scalar fields is responsible for most of the energy density (... determining the rate of expansion), while the other is responsible for the slow roll (thus determining the period of inflation and its termination). Thus fluctuations in the former inflaton would not affect inflation termination, while fluctuations in the latter would not affect the rate of expansion. Therefore hybrid inflation is not eternal. When the second (slow-rolling) inflaton reaches at the bottom of its potential, it changes the location of the minimum of the first inflaton's potential, which leads to a fast roll of the this inflaton down its potential, leading to termination of inflation.
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To compute the rate of inflation between two time periods, calculate the percent change in the appropriate CPI index from the first period to the second period. The following example computes the change in the Seattle CPI-U from 1998 to 2003:
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