[AmericanExceptionalist]

Catch that bit about "core inflation"? That's Fedspeak for: inflation is under control, unless you look at the costs of things that are going up. The core rate excludes the prices of food and energy, which can be volatile from month to month.

There is nothing inherently oxymoronic about the observation: Inflation is under control, even though prices for many essential items are rising significantly.

Inflation, as I have noted previously, is classicly defined as too much money chasing too few goods. It is not econospeak for rapidly rising prices.

At least, it never has been in the past.

[secretagent]

“It’s interesting that a hundred years ago ‘inflation’ referred to expansion of the money supply, but in the 20th century people gradually began to use it to mean price inflation.”

http://pugsleyblog.sovereignsociety.com/2006/12/price_inflation.html

[RipSawyer]

Inflation, as I have noted previously, is classicly defined as too much money chasing too few goods. It is not econospeak for rapidly rising prices.

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I agree with you, unfortunately most Americans seem to believe that inflation does mean rising prices rather than the cause of rising prices.