Return of the Inflation Truthers

Has U.S. inflation come down? Yes. We have two main measures of inflation: the Consumer Price Index, which pretty much everyone knows about, and the Personal Consumption Expenditures index, which the Federal Reserve prefers as a guide to monetary policy; explaining the differences between these measures would probably be telling you more than you want to know. Anyway, the P.C.E. is currently looking more benign than the C.P.I., but both show that the rate of price increases over the past year was much slower than it was when inflation was...