 The second argument is unrelated to the CPI, except insofar as the calculation of CPI is modified in response to a perceived overstatement of inflation.The Federal Reserve's policy of ignoring food and energy prices when making interest rate decisions is often confused with the measurement of the CPI by the Bureau of Labor Statistics.The BLS publishes both a headline CPI which "counts" food and energy prices, and also a CPI for "all items less food and energy", or "core" CPI.