The Washington Times - January 16, 2009, 10:21AM

A new government report says that consumers prices last year rose at the slowest rate since 1954, The Wall Street Journal is reporting.

The Consumer Price Index rose by 0.1% for the year, missing the Federal Reserve’s preference of 1.5%. A 75% drop in oil prices and slower spending caused the downturn in the inflation rate, after the CPI had hit 17-year highs earlier in the year.

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So let me get this straight: Inflation last year was the lowest it has been since the ‘50s?  I feel like I’m in reality warp.  I remember paying $4-plus for a gallon of gas and $5 for a gallon of milk last year.  And it felt like it was a good portion of the year.

Now the government tells me that inflation only increased a little last year.  Well, I guess the government knows what it’s doing, right?