Monetary policymakers and long-term investors would benefit greatly from a measure of underlying inflation that uses … all relevant information, is available in real time, and forecasts inflation better than traditional underlying inflation … measures such as core inflation measures. This paper presents the “FRBNY Staff Underlying Inflation Gauge (UIG)” for CPI and …

policymaking. On the other hand, traditional core inflation measures may reduce volatility but do not address other issues and may … even exclude important information. This paper develops a new underlying inflation gauge (UIG) for China which … differentiates between trend and noise, is available daily and uses a broad set of variables that potentially influence inflation …