I'm starting to suspect that any single measure of inflation is pretty meaningless. I'll grant that the CPI measures some kind of inflation, and I'll grant tha

I'm starting to suspect that any single measure of inflation is pretty meaningless. I'll grant that the CPI measures some kind of inflation, and I'll grant that the Fed does keep CPI in check. I don't think CPI captures the the typical inflation that I see in housing, education, and other costs over the last 10 years. I don't think CPI is capturing the cost increases in food and other goods over the last 2 years. I think we need some additional measures of CPI which capture "opportunity cost inflation", "basic goods inflation", and "non-productive asset inflation". It's easy to claim substitution for city center housing by living further away from the city, or moving to a tier-2/tier-3 city - but this also comes with the opportunity cost of jobs. Similar claims can be made for deferring education/medical costs or choosing cheaper alternatives. Opportunity costs add up over prolonged periods of time. A generation who had to substitute out high quality opportunities due to inflation will eventually be poorer for it.