Hypothetically, the Core PCE would be a better metric of inflation, but Core Urban Consumer NSA CPI works pretty well. It has some flaws, like failing to take

Hypothetically, the Core PCE would be a better metric of inflation, but Core Urban Consumer NSA CPI works pretty well. It has some flaws, like failing to take into account new products or improvements in products, as well as being susceptible to swings in volatile food and energy prices. But Core CPI excludes the more volatile pieces and I think it’s a reasonably good indicator. Perhaps my single biggest gripe with CPI is that it fails to properly reflect changes in housing prices, because of how infrequently people sell/buy their house, and because in some parts of the country nobody rents, so price discovery is a little wonky in those places.