The Federal Reserve is determined to view inflation through rose-colored glasses, which explains why it does not even consider food and gasoline in its gauge of rising prices, according to Heidi Moore, U.S. economics and finance editor at The Guardian.

"On inflation, which is actually a real world thing, I think that the Fed is missing the mark," she told Yahoo.

Moore ticked off some of the price increases consumers are facing so far in 2014 — dairy up 4 percent, meat up 7.7 percent, car insurance up 5 percent and tuition and public transportation each up more than 3 percent.

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"All of these prices are rising and for the Fed to look the other way, even briefly, I think would be a little bit disingenuous," Moore said.

"This is a real problem people are living through and suffering through. Not only are they spending a lot more just on basics, their incomes are stagnant and their debt is really high."

Moore noted the Fed's preferred measure for inflation is the personal consumption expenditures (PCE), which indicates inflation is fairly tame.

But she noted the PCE fails to include food and gas. "Imagine how much of a family's budget goes toward food and gas?"

She noted that the Fed cannot stop the bond-buying stimulus it's tapering down "until it pretends it believes things are getting better. So it has to ignore structurally things that aren't going so well."

For the record, AAA reported average gasoline prices in the United States have risen 11.51 percent since January, from $3.30 to $3.68 for regular gas. Some areas, like Connecticut and California, have considerably higher prices than the average on account of state taxes and other factors.

Another elephant in the room — medical costs — are also on the upswing. Healthcare costs in the United States are expected to jump by 6.5 percent this year and 6.8 percent in 2015, according to the PricewaterhouseCoopers' Health Research Institute.

Most economists believe a rate increase from the central bank is at least a year away despite signs of rising inflation, The Associated Press reported.

At her news conference, Fed Chairman Janet Yellen downplayed inflation concerns. She said recent inflation data is "noisy," apparently suggesting the figures are too volatile to get an accurate reading.

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