What Inflation?

From the BLS:

The Producer Price Index for Finished Goods rose 1.0 percent in January, seasonally adjusted, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. This increase followed a decline of 0.3 percent in December and a 2.6-percent advance in November. At the earlier stages of processing, prices for
intermediate goods moved up 1.4 percent after falling 0.2 percent in the prior month, and the crude goods index increased 2.5 percent following a 1.1-percent advance in December. (See table A.)

And the worst part:

The 12 month percentage change for January 2008 was 7.4%.