The media announced that the CPI was down 0.7% in January. Why? Falling oil prices.
I pay little attention to the CPI. I watch the Median CPI, which is published by the Federal Reserve Bank of Cleveland. It is less volatile than the CPI.
The Median CPI was up 0.2% in January. Year to year, it is up 2.2%.
Year to year, the CPI was down 0.1%. This is tiny, but it is the first time this has happened since 1955. To verify this, visit the inflation calculator of the Bureau of Labor Statistics. Go to 1954. Type in 1000. Then set the comparison year to 1955. Click Calculate.