It's somewhat easier to measure if you ignore brands and look at commodity prices instead. Whole chicken (price per kg) instead of Big Mac, 100% cocoa instead of some random chocolate bar, etc. Of course, for many (most?) people, that will be even less relevant than the current consumer basket.
I don't see why not? It just has to be more specific -- chicken breast requires processing, but one is pretty much like another, unlike say, some morning cereal from TV ads.
Actually that might be a good heuristic, I don't remember the last time I bought food that even has ads. The store itself does have some ads that feature some of the items, I guess.
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