The FOMC targets another measure of inflation, the price deflator for personal consumption expenditures (PCE), which will be reported tomorrow. But for both measures, inflation has been increasingly broad-based for quite some time.
For the CPI, better than 70 percent of items measured are up 3 percent or more in the last 12 months, and for PCE inflation, 60 percent of items were up that much in December. High inflation is a significant problem for individuals and families, and it makes it difficult for businesses to control costs and adjust prices.