Flat to a slight upside bias. That about sums up the prevailing state of inflation at the moment, based on this morning’s latest from the U.S. Bureau of Labor Statistics.
Seasonally adjusted consumer inflation rose 0.1% last month, up from zero the month before and a modest decrease in March. On its face, that’s good news, as it suggests that the risk of deflation, if not quite passed, is looking more and more like a shadow of its formerly threatening self. Meanwhile, inflation as a clear and present danger also remains thin as an imminent menace.