Not a valid description of the price level.
For the purposes of judging the stance of monetary policy, none of these are particularly useful…however if you must, look at the trimmed median. Why? Because the median good will reflect best the mean variance between erratic movements in the price of commodities, and the stable increase in marginal value — a proxy that the government uses to calculate CPI which is traditionally very problematic.
Here is a prognostication that goes against market sentiment, it’ll be interesting to see the outcome:
Despite all the talk about the Fed possibly raising the Fed funds rate in the 2nd half of 2010, with high unemployment and low measured inflation, it is very unlikely that the Fed will raise the Fed Funds rate any time soon – probably not until 2011 at the earliest.
H/T Calculated Risk