The MSM reported the "seasonally adjusted" -.1% decline, but the non-seasonally adjusted number is -.4% and is much more interesting. It is the biggest non-seasonal decline since -.5% during the 2006 oil price correction. There is every reason to believe that next month a similar decline for this month will be reported (because Oil prices are still collapsing), driving YoY CPI down to ~4.5%. And that's before last year's big Nov. number of +.6% gets replaced. CPI looks likely to finish this year at under 4%.

(For those of you devoted to "Shadow Government Statistics", their raw number will be higher, but the DIRECTION -- a substantial drop in the inflation rate -- will be the same.)