I am not sure that the official inflation rate is an adequate reflection of certain aspects of the new economy. The price of education, housing, and medical care has grown far faster than inflation. I wonder if it has been adequately accounted for.
"Both the CPI and a cost-of-living index would reflect changes in the prices of goods and services, such as food and clothing that are directly purchased in the marketplace; but a complete cost-of-living index would go beyond this role to also take into account changes in other governmental or environmental factors that affect consumers' well-being. It is very difficult to determine the proper treatment of public goods, such as safety and education, and other broad concerns, such as health, water quality, and crime, that would constitute a complete cost-of-living framework. Since the CPI does not attempt to quantify all the factors that affect the cost-of-living, it is sometimes termed a conditional cost-of-living index."
I believe inflation and cost of living are, although related, measured separately. Inflation is judged by CPI, which is a measurement of the value of goods and service across the country. Cost of living is more fluid. Because standard of living is much more subjective and reflective of the statistician's opinion in many ways, the numbers can easily be manipulated.
https://www.walmart.com/c/kp/tube-sock
https://www.bls.gov/cpi/questions-and-answers.htm#Question_9
"Both the CPI and a cost-of-living index would reflect changes in the prices of goods and services, such as food and clothing that are directly purchased in the marketplace; but a complete cost-of-living index would go beyond this role to also take into account changes in other governmental or environmental factors that affect consumers' well-being. It is very difficult to determine the proper treatment of public goods, such as safety and education, and other broad concerns, such as health, water quality, and crime, that would constitute a complete cost-of-living framework. Since the CPI does not attempt to quantify all the factors that affect the cost-of-living, it is sometimes termed a conditional cost-of-living index."
For a cost of living index you could consider looking at Purchasing Power Parity (PPP).
https://data.oecd.org/conversion/purchasing-power-parities-ppp.htm