Mark Thornton of Mises Institute has a food for thought piece on the topic.
The Austrians have always questioned the obsession of using CPI to measure inflation which does not include asset and commodity prices. Central bank policies do not just influence price of goods and services but also price of all kinds of assets. The former are included in CPI (albeit selectively)but latter are not. This makes the whole analysis lopsided:
Austrians oppose the whole notion of trying to accurately measure“inflation” which mainstream economists see as a general rise in prices. (Austrians view inflation as a politically engineered increase in the money supply.) A few years ago, mainstream economists like Paul Krugman chastised the Austrians for the lack of anticipated price inflation in the economy. However, their mistake was a fixation on the Consumer Price Index (CPI). If you looked around at other prices in the economy you could see higher prices in just…
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Utopia, you are standing in it! 
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