The indexation should be to the average wage, not to the general price level.

FORBES: Greg Mankiw's Excellent Question: Why a $9 Minimum Wage? Why Not $90? Or 90 cents?

Moreover, given the extraordinary increases in productivity, the general price level, if anything, should be going down.

FORBES: Soviet Unionism

The only thing that has kept the general price level from catching up with the rise in gold prices is IOR.

FORBES: Hey, Ben Bernanke, How About A Return To Normalcy?

The general price level would simply fall as far as was necessary to make it possible to do the desired transactions with the available supply of money.

FORBES: Sorry Paul Krugman, But We Still Need Say's Law

Most notably, deflation's advocates point to falling prices for certain goods, such as cars, clothes and hotel rooms, as evidence that the general price level is falling.

FORBES: Dispelling long-held misconceptions

Yet since inflation is by definition a rise in the general price level, not one set of prices, it's never as orderly as proponents of inflationary policies like to claim.

WSJ: Review & Outlook: Japan Discovers QE Has Risks

Here are two points about the general price level.

FORBES: Sorry Paul Krugman, But We Still Need Say's Law

When countries devalue during full utilisation of resources, the results are a general increase in the price level.

ECONOMIST: Letters

High inflation makes it hard for firms and individuals to distinguish changes in the relative prices of particular items from general changes in the average price level, so price signals become blurred.

ECONOMIST: Should central banks try to target asset-price inflation?

In general, central banks prefer to target the inflation rate, partly because a price-level target is harder to explain, and partly because the need to reverse previous deviations from target may make output more volatile.

ECONOMIST: Japan has hitched a ride on China's boom