CPI
http://www.bls.gov/news.release/pdf/cpi.pdf
All items ex food and energy costs (ie items priced in global markets) were at a residual rate of 2% to September.
So prices as defined by controllable US costs are rising no faster than the economy is expanding. That's to say, there's no pricing power in the US economy amongst consumers. Indeed, the rate of GDP growth is at best anemic, partly because consumers are tightening their belts (saving) rather than buying goods (spending). And that's because personal incomes are not increasing (except of course amongst the 1%).
Commodity prices are defined by global commodities markets: energy prices may get bumped up temporarily as a result of a civil war in Libya, say; the price of wheat may increase due to a drought in Russia, say. And those conditions are temporary.
There may of course be long-lasting or permanent influences on the price of commodities. Chinese demand for oil may increase relatively speaking over a sustained period. And this may raise global energy prices. But on the other hand, this will also tend to produce counteractive effects as well - smaller cars in the US, say.
Analysts as always are divided about the extent of these structural influences. And certainly, the historically low level of long term Treasury interest rates suggests - as a whole - people have little worry about the emergence of inflation. The Treasury has agreed with that sentiment for the next few years or so.
Believe me - since I'm the one who said it would be useful for the economy to have a little inflation in it so as to reduce the legacy value of existing debts - if there was some sign of inflation, I'd admit it. I'd even celebrate it.
Other than commodity-price-driven, temporary-rather-than-structural influences, there's little sign that it is present. But of course, the companies which are particularly affected by the price of commodities are going to notice that global prices are higher than one might expect in the medium term.
As to your hyperinflation. No prospect of it at this point. Hyperinflation happens in the condition that folks don't trust in the value of money. Then note what has happened to US Treasury yields.
| 