The latest estimte of the CPI was released today. Via the Atlanta Fed's Inflation Project:
Though most CPI indexes rose slightly in November, core measure remains near historical low, Atlanta Fed: The Bureau of Labor Statistics reported that the all-items consumer price index (CPI) rose an annualized 1.5 percent in November. The indexes for energy, food, and core prices all increased slightly. The core CPI edged up 0.1 percent in November after no change in the past several months. In fact, the core CPI is up only 0.7 percent from a year earlier, nearly its slowest year-to-year advance in more than 50 years.
And, from the Cleveland Fed:
Cleveland Fed Estimates of Inflation Expectations: The Federal Reserve Bank of Cleveland reports that its latest estimate of 10-year expected inflation is 1.64 percent. In other words, the public currently expects the inflation rate to be less than 2 percent on average over the next decade. ... Estimates are updated once a month, on the release date of the CPI.
[Update: I echoed this post at MoneyWatch, and added a few comments about what this means for monetary policy (this will increase the Fed's confidence as it implements QEII). I also added graphs and a few comments on today's data showing that both industrial production and capacity utilization increased slightly last month. See here.]