The best replacement for price index is inflation.

The best alternatives to price index are rated as following:
★★★★★  inflation
★★★  consumer price index
★★  gdp deflator
★★  cpi
★  price level
★  producer price index
★  cost of living
★  inflation rate
★  retail price index
★  total return
★  total return index
  accumulation index
  personal consumption expenditures

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Speaking about price index, one probably shouldn't forget about gdp.

Other search terms related to price index and their ratings are:
★★★★★ gdp
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price index
inflation
consumer price index