Down 0.1% in January:

The cost of living in the U.S. rose in January less than anticipated and a measure of prices excluding food and fuel fell for the first time since 1982, indicating the recovery is generating little inflation.

The consumer-price index increased 0.2 percent for a fifth straight month, led by higher fuel costs, Labor Department figures showed today in Washington. Excluding energy and food, the so-called core index unexpectedly fell 0.1 percent, reflecting a drop in new-car prices, clothing and shelter.

And still, the Federal Reserve is full of people who are batsh%$ insane inflation hawks, and there are two seats open, but Obama has not bothered to appoint people who are, you know, saner, in what is clearly a deflationary environment.