CHART OF THE DAY: Don't Look Now, But We're REALLY Close To A Deflationary Relapse

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This morning the government reported that core-CPI — which excludes food and energy — rose 0.1%, suggesting perhaps a move away from the deflationary brink.

But really it was all energy that pushed prices higher, and energy has a lot to do with what’s happening in Asia, and not necessarily reflective of the domestic situation.

Take that out, and keep in food, and this is what you get.

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