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Per Experian: "CAPE data is always in nominal dollars (i.e. it includes inflation) – for CYE estimates, it cannot be any other way since we release the estimates a few months after the reference date (e.g. in end of September 2015, we released the estimates for the 2015B update that referred to July 1st, 2015). For FYP, however, it’s important to mention that CAPE estimates incorporate inflation projections – this also ensures consistency with CYE estimates. Although we may use ‘real dollar’ values (i.e. stripped from inflation effects) to project Consumer Expenditure target estimates, none of our final CAPE estimates are in ‘real dollars’. - Thanks to Data Products for getting this information from Experian