The CPI's basket of goods includes red wine, over half of which is made from grapes grown in California. Wildfires this summer destroyed acres of grape fields in California, causing a spike in the price of grapes, and there a 30% increase in the price of a bottle of red wine. As a result, the CPI calculation showed an increase of 2% in the Fall of this year versus last year. Please explain if this 2% increase is reflective of the overall price level, and if not, why?
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