Food and gasoline are high-frequency consumption items that compose asubstantial share of budgets for most families. On average, consumers spendover 10 percent of their disposable personal income on food, with lower-incomeconsumers spending as much as one-third of their budgets (USDA ERS 2022).Aggregate gasoline expenditure shares vary across time, typically rangingbetween 1.5 and 5.5 percent of disposable personal income since 1974 (EIA 2022).Like food, household expenditure shares for
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