1. Flash indicator of macroecnomic inflation
CPI or flash GDP daflator ?

2. Flash indicator of macroecnomic inflation
Most of economists around the world use CPI.
Why?
CPI is a really “flash” indicator
CPI looks like a good aproximation for the more fundamental GDP deflator

3. Flash indicator of macroecnomic inflation
BUT
CPI does not indicate real macroeconomic inflalation because prices for capital goods and commodities are not included
Price bubbles can not be reflected

4. Flash indicator of macroecnomic inflation

5. Flash indicator of macroecnomic inflation
Conclusions:
Flash GDP should be estimated at both current and constant prices
GDP implicite deflator should be estimated also for monthly time series
CPI should be replaced by flash GDP deflator as a basic indicator of macroeconomic inflation