How Do Inflation Measures Account for Changes in Technology?

[opebo]

Say we're using a Chevy Impala as part of the "basket of goods". A 2013 Impala is safer, more fuel efficient etc. than the 1970 model. The 1970 model would almost certainly be cheaper than the 2013 model if it were made today which would affect your end result when calculating inflation.

Hah, no.  The '70 Impala was a real car made of large amounts of steel, etc.  Similar to a Rolls Royce today.  The new cars all just plastic garbage with more complicated technology to break after 2-3 years.

[opebo]

The '70 Impala was a real car made of large amounts of steel, etc.  Similar to a Rolls Royce today.  The new cars all just plastic garbage with more complicated technology to break after 2-3 years.

Yes I'm sure if you were to make a car today with the same amount of steel as 1970 Impala it would cost a lot more.  Plus a 1970 Impala was hand made by union labor and not bolted together by robots and people who live the lives of robots.

OTOH people like their car's to have A/C, air bags, and get more then 12 MPG

Good lord man, virtually all cars made in 1970 had air conditioning, and certainly all full sized cars like an Impala.  You speak from ignorance apparently.

Its also worth noting that a large, full frame car like a '70 Impala is much safer with normal 3-point safety belts than the modern cars are with airbags, simply due to mass.

[opebo]

Well inflation is our number one economic enemy

No.

[opebo]

Well inflation is our number one economic enemy

No.

The value of our currency is failing compared to euros as we speak.

No, its rising compared to Euros.