Deflation -- Nowhere to Be Seen

There are frequent claims that the US economy has entered a period of "deflation." These claims are totally unfounded and are false. Deflation can only be a persistent state of general price decline. In fact, in examining price trends, the US is experiencing shocking price increases of over 15% per annum. To illustrate this, Figure 1 shows the Continuous Commodities Index, CCI over the past ten years.