[bhl]

CPI is computed by the Bureau of Labor Statistics, not the Federal Reserve. As for why labor, housing, and stock prices aren’t included in the CPI, I would guess because: labor is sticky and are only indirectly related to consumption via pricing, housing is a durable good (people don’t buy it week to week nor does rent change with such frequency), and stock prices don’t affect consumption.

You could make the argument that a better inflation indicator could take these into account, but it wouldn’t be the CPI then.

[opo]

>...housing is a durable good (people don’t buy it week to week nor does rent change with such frequency),

Rent (and "owner occupied rents") are a part of the bundle used in calculating the CPI.

The owner occupied rent is a calculation of what the rent would be if the owner had paid rent on the house they own. For some background on this:

https://www.philadelphiafed.org/-/media/research-and-data/pu...