The inflation % of the US is reported to have been less than Merging Mkt inflation for decades. Supposedly the main engine of the inflation in emerging markets is the fact that commodities represent a much larger % of consumers income so its large rise in price is more reflected on the CPI. Clearly the US gov is also cooking the books on the CPI numbers for their own nefarious reasons. But the official CPI reported in the US doesn't include oil/foods etc which is the main % of the rise in prices. Do emerging markets include oil/food in their %s? If thats the case, then it makes no sense to compare US CPI to Emerging Mkt CPI. Is there any data on Emerging Mkt CPI with and without oil/food? Or any data comparing US vs Emerging mkt CPI where both measurements either exclude oil/food or include. THanks.