Falling prices on many goods are reining in the nation's inflation rate. Thursday, in an economic report that cheered just about everyone, the government reported that the Consumer Price Index (CPI) in October fell 0.5 percent. Even taking out volatile energy and food prices, inflation barely registered, rising only 0.1 percent. (Christian Science Monitor, Friday)
Inflation is always and everywhere a monetary phenomenon. –Milton Friedman
FEE Timely Classic
The Political Costs of Price Inflation by Lawrence Fertig