Didn't you get the memo? The government says inflation is low.
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I am sure the government would not mislead me but I just don't seem to have the intelligence to understand it all. Now, let me see, the inflation rate that was so bad that Richard Nixon felt compelled to instigate a wage and price freeze is now a good thing....................sorry, I still just don't get it.
I remember that, and I remember all the talking heads that came on immediately afterward for some "instant analysis", telling us how Richard Nixon "grew" overnight. How prudent, far-sighted, and wise he seemed that evening, as he matured from typical GOP lackeydom of the hate-able sort, to a statesman's wise and far-sighted view of the world. I wanted to throw up, listening to all those bloviators massaging Nixon's ego as a reward for throwing over Republican monetary and governmental principles.
We paid for that "freeze" with some very noticeable inflation during the next two or three years. By 1976, a fully-loaded Chevy Caprice that had stickered for about $4500 in 1968-1970 had a sticker of $5600 or so. And thanks in part to decisions taken by President Carter and Fed chairman Arthur Burns in the later 70's in response to the first round of Arab price demands for their oil, when oil went from $2 to around $13/bbl, that same Chevy would be well over $12,000 by 1985 -- and less well-built.
Nixon's "freeze" was just another stumble on the road to 70's "stagflation". (That term, I read recently, was actually coined by a Brit.)