Other researchers have used the inflation measure based on the consumer price index (CPI). Over the past fifteen years, the Federal Reserve has emphasized the inflation rate as measured by changes in the price index for personal consumption expenditures (PCE).
Many researchers have also explored the use of core price indexes, which exclude the volatile food and energy components, as better predictors of future inflation or as more robust indicators of the sticky prices that some theories say should be the targets of policy. To be sure, over long periods, most of these measures behave very similarly.