That's not a measurement problem, though; that's a what-should-our-policy-response-be problem. Food and energy prices are actually easier to measure and compare

That's not a measurement problem, though; that's a what-should-our-policy-response-be problem. Food and energy prices are actually easier to measure and compare year-over-year. There are good arguments for (and some against) excluding them from your monetary policy targets, but I've never heard of anyone doing it when discussing human wellbeing. But either way, it's still being measured. The World Bank has inflation for middle income countries as 4.1% [1]. If you download their data sheet, you'll see that number is a GDP deflator, so no food/energy exclusion. That's not an ideal number, but it's not high either, and it's much lower than most previous years. They also have a CPI number, which is actually higher: 4.6%, but again not terrible. So my question still stands: does the GP think that number is wrong, and if so, why? [1] http://www.worldbank.org/en/country/mic http://www.worldbank.org/en/country/mic