By Spencer,

Did you know that over the last six months the compound growth of the total CPI was -5.0%. Of course that is up from January when it was – 5.8%.

You have to go back to 1948 to find actual deflation like this, when it bottomed at -4.2%..

Of course much of the deflation was due to the plunge in oil prices from almost $150.

But even if you exclude energy the six month change in the CPI excluding energy was only 1.2%, the lowest rate since 1964.

I wonder how many of those claiming that Fed policy will cause inflation are even aware that we are now suffering deflation are near deflation.