He says he does...the Fed's been saying it for years...and, over the last 10 years, they've successfully lowered the inflation rate as measured by the CPI by making, what the Feds call "hedonic adjustments."
But, of course, the Fed and the federal government have an interest in keeping the CPI low...the Bureau of Labor Statistics website states:
The index affects the income of almost 80 million people as a result of statutory action: 47.8 million Social Security beneficiaries, about 4.1 million military and Federal Civil Service retirees and survivors, and about 22.4 million food stamp recipients....Since 1985, the CPI has been used to adjust the Federal income tax structure to prevent inflation-induced increases in taxes.
Its why the CPI does not account for food costs, energy costs...or the biggest expense for most Americans...the price of homes and the accompanying mortgage payments. So the CPI reports that inflation is historically low...but we've seen housing prices more than double in some parts of the country over the last 5-10 years...but no worry...CPI tracks average rental costs instead...convenient because when money is loose and interest rates are kept low (and housing prices accordingly rise), rental prices stay low (people buy rather than rent)...as does the CPI
You are incorrect.
CPI-U includes food and energy costs. It also includes housing costs.
CPI tracks average rental costs instead..
How do you think housing prices should be included in CPI? Spell it out.