The Fed has a preferred consumer price measure, which is the personal consumption expenditures (PCE) price index. It covers a broader set of goods and services than the CPI, and its weighting of individual prices can change each month to reflect consumer spending behavior.
To increase dampened productivity and capital formation, efforts should focus particularly on investments in infrastructure, human capital endowment and innovation but also on improving the institutional, legal and business environment that supports a Schumpeterian process of creative destruction.