Some comments below keep saying that CPI measures things like food and energy prices. What we really mean is that Fed policy is dictated by the Core PCE rate,

Some comments below keep saying that CPI measures things like food and energy prices. What we really mean is that Fed policy is dictated by the Core PCE rate, which specifically excludes food and energy prices. So sure, the PCE and CPI measures energy and food prices and other volatiles prices, but *FED POLICY is dictated by the CORE rates*, which specifically exclude those volatile components. So de facto, no one (ie. the Fed) doesn't care about energy or food price inflation.