Friday, March 14, 2008

What Inflation?

From yesterday's import prices news release:

Import prices ticked up 0.2 percent in February following a 1.6 percent increase in January. The index advanced 13.6 percent over the past year. Petroleum prices fell for the second time in three months in February, declining 1.5 percent after rising 4.8 percent in January. Prices increased 60.9 percent for the year ended in February. Nonpetroleum prices advanced 0.6 percent in February after a 0.7 percent increase the previous month. The price index for nonpetroleum prices was up 4.5 percent over the past 12 months.

Nothing to see here at all.