Inflation measures have a three point variance

 

The various inflation measures, note the three point band.  Real growth over the period was less than three points.

Pricing is an iterative process. And sometimes we make large adjustments in price during recessions. And we generally make about a quarter point revision in these stats after first release.

Menzie is discussing this.

Here is a secret.  If you remove housing and autos then the Fed is basically targeting Walmart floor prices. That means the Fed reaction function is entirely determined by the congestion at the Walmart checkout counters.