The central bankers have clearly been spooked by the recent jump in the "core" consumer price index (CPI). The core measure excludes the volatile pricesof energy and food.
The flat Consumer Price Index (CPI) in April, which followed a 0.1% decline in March, means prices fell 0.7% the past 12 months as of April, the Labor Dept. said May 15.
Food prices, which account for more than a third of the consumer-price index, are largely to blame: vegetables are almost a third more expensive than they were a year ago.