Except inflation is actually significantly higher the basket is just poorly assembled and exclude major drivers like food gas real rent and most importantly medical costs
I am curious what inflation would be with universal healthcare, a healthy amount of affordable housing, primarily renewables for energy, and EVs negating the need for gas/oil. It feels like central banks are going to lose against technology deflation, but I'm not an economist so I can't say for sure.
I suppose it depends on how those programs are funded/achieved. If they are funded via something that acts as monetary stimulus (just print the money to pay for it) then I imagine there would be a heavy burden of resulting inflation.
The inflation marker does what it is designed to do - if it didn't, markets would properly price in that information