[mywittyname]

There are multiple, valid definitions of inflation, thus it can be low and high at the same time.

The Treasury Rate and CPI could both be low while real estate or precious metal prices explode. Likewise, real estate prices could be in a freefall while the CPI hits double digits.

[harryh]

This is wrong. Inflation doesn't measure the price of goods, it measures the price of money.

"Inflation always and everywhere a monetary phenomenon." -Milton Friedman