Actually, the FED targets something called the PCE price index which is an attempt at measuring price increases across all consumer spending. But those are just measuring details, if you want to you can go to economic conferences and argue the finer details of these measurements with rooms full of PhDs. The point though is that inflation targeting is about trying to keep the cycle of rising wages and rising prices going. And the point of that is to avoid deflation during recessions. The main losers from inflation are not businesses but lenders, which is why lending rates and inflation are closely related.