Day after day the American public is inundated with media stories about surging food and gas prices, but if they want the real inflation story, they should ask a bartender. The rate of change in prices for a beer or cocktail at the local pub—a component of the Consumer Price Index—is actually decelerating from a year ago. In fact, the annual change in prices for data processing, recreation, lodging, medical services and tuition are all showing a downward trend, according to David Rosenberg’s analysis of the government’s CPI data. With all the hubbub about $100 oil, surging food prices, along...