The problem with these inflation protected bonds is that the seller declares what the inflation rate is. Right now they’re saying 1% but by all other yardsticks it’s around 10%. Lots of room for hanky panky there.
I agree atomic_dog. Lots of posts in the last year have pointed out the problems with the government’s calculation of inflation rate. Substitution among them (oh lettuce went up in price so people will buy cabbage . . . presto no inflation . . . American cars up in price . . . betcha they’ll buy Chinese). I think that it’s so perverse that a rise in price can lead to a reduction in inflation in the correct circumstances.