There are many measurements of inflation. There is the CPI, CPI-W, CPI-U, the C-CPI-U, as well as other measurements available. The measurements are statistical estimates using price data and weighting data. The measurement generally uses a market basket or bundle of a fixed list of items although the list of items can change over time depending upon consumer preference. (1)
Enter the EPI [Everyday Price Index]. The EPI was developed by the American Institute for Economic Research. With the EPI the market basket of goods becomes items used by consumers on a everyday repetitive basis. That is, the measurement basically strips out durable goods that one may only purchase occasionally and concentrates on those items purchased "everyday". The major components of the EPI are listed in the chart appearing above. (2) (3)
The EPI is an interesting concept regarding measuring items purchased repetitively by consumers. What does the EPI yield as an inflation rate for 2011? Try 8.2%!
Below is a link to the entire report from the American Institute for Economic Research. The report is very comprehensive:
(1) Consumer Price Index, Bureau of Labor Statistics
(2) 'Everyday' inflation significantly higher, Kinston.com
(3) The EPI Reflects Basic Economic Change, AIER