Business Notes STATISTICS

The Consumer Price Index, the most widely watched measure of inflation, was getting out of whack with today's American life-style. Last adjusted in 1978, the Labor Department's so-called market basket of goods and services was too heavily weighted with such items as hard liquor, red meat and tobacco, all of which the typical American now consumes less of than a decade ago. So last week when the Government released its January CPI figure, the number reflected a reapportioned mix of goods and services to measure more accurately inflation for the typical consumer.

The new mix puts more emphasis on poultry and less importance on red meat, sugar and fatty foods. Auto repairs are diminished too, partly because vehicles tend to last longer. But spending on entertainment, notably cable television and restaurant meals, has risen. Health care is getting less emphasis than a decade ago, which is not to say prices have fallen but only that more costs are covered by insurance.

The total bill for updating the market basket, which involved a survey of 40,000 households in 1982-84, was $45 million. But that amount is small compared with how much the Government might save from a more precise CPI. Reason: the index serves as the basis for adjustments in payments to tens of millions of Social Security recipients and other federal beneficiaries.