The graph above shows that inflation has been steady and low for the last twenty years, and that consumer prices have been more volatile in the last ten years than in the previous ten. A striking feature of the graph is the recent downward spike in consumer prices.
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Looking closer at the data -- disaggregating the totals by category -- we find that the downward spike was due to sharp declines in the prices of transportation and energy. This squares with what I have seen at the gas pump. Before I went to China, the price of a gallon of gas was over $4.00. Now, I often seen prices below $2.00.
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