Nobel laureate Paul Krugman says the Fed doesn't realize it's already beaten inflation – because it's fixated on flawed price measures

• The Fed should ask itself if it's already won its war against inflation, Paul Krugman says.
• The Nobel laureate said the central bank's narrow inflation measures lag economic reality.
• Its inflation gauge is like "a one-eyed bearded man with a limp," Krugman added.

The Federal Reserve may have already won its fight against historic inflation, and remains overly fixated on flawed price measures, according to Paul Krugman.