At least not in 2009.
No big surprise in CPI. 0% MoM and -2% YoY for headline. Ex-energy and food 0.1% MoM and 1.5% YoY. Main surprise for me was fall in food prices despite generally higher prices as observed in commodity markers. Maybe lower labor costs accounts for downward surprises. Apparel prices climbed despite all the sales I see everywhere. I recently ordered 5 Lacoste polos from their webstore but returned them all. I already have a few and I ain't buyin' nothin' that I don't have no need fo'-
Going long inflation seems to be a very crowded bet thats is getting more crowded. People thinking too simplistically - following scenarios that generally unfold in emerging countries. I would be seriously looking at putting on some anti-inflation trade later this year to early next year.
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