Which is completely useless if you don't take into account how much money people have to buy things with. What you want is a metric of prices vs. wages, which neither version of inflation takes into account. Money supply inflation would be a better predictor of prices vs. wages, however, since when the money supply is inflated prices tend to rise faster than wages (and vice-versa). Price inflation is a lagging indicator which incorporates a bunch of noise along with the delayed signal, especially when the supply is deliberately manipulated to achieve specific CPI targets.