Kruggy's gonna say that there was a momentary spike in commodity prices last year that the goldbugs frantically pointed to as "proof of coming hyperinflation" but then those prices settled down.
Hopefully RP points out that the Fed's inflation figures exclude energy and food, while using "hedonics" to make all technological advances appear deflationary (i.e. when a new iPhone with more features comes to market at the same price as the previous model, the Fed considers that deflationary), and pointing out that 25% of CPI is "owner's equivalent rent", an unscientific number that has also appeared deflationary due to the bursting of the housing bubble which the Fed itself created.
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