The BLS just released the CPI data for March. It shows a surprisingly large increase in prices: +0.4% for consumer items excluding food and energy. That means that prices have increased over the past 12 months by 1.6%, which is the fastest rate of price increase since mid-2001. Even the chained core CPI is rising. The chart below tells the story.
This data reinforces what I said the other day: I think the danger of deflation is behind us.