The latest data from the BLS further confirms the low level of inflation in the U.S.  A number of notable items that make up a large percentage of the CPI actually declined in 2013.  Motor fuel (which has a weight of 5.68 out of 100) in the CPI declined 1.0%, Household furnishings (3.2) fell 2.2%.  Medical equipment, non prescription drug prices, and recreational supplies (like sporting goods).  The average price of DVDs fell nearly 10% last year.

 

Economist, Justin Wolfers provides a light, but informative closer look at the recent CPI numbers and cookie versus cupcake inflation: