Recent evidence from the price index literature suggest that conventional price indices understate long-run inflation—and overstate real consumption growth—because they assume homothetic preferences and therefore interpret any change in expenditure patterns as reflecting changes in the cost of living. Corrections that incorporate nonhomothetic behaviour—where consumption patterns also change with real income growth—exist, but apply only under restrictive theoretical assumptions or data requirements. This project derives a consumption deflator that permits nonhomothetic behaviour as well as entering and exiting product varieties and taste shocks, and can be implemented directly on aggregate national accounts series. This deflator is applied to long time series of national accounts data to shed new light on long-run consumption growth.