What Inflation?

I know -- you saw this all day yesterday and now you're thinking "cut it out."

But:

Inflation remained hot in January, led by large increases in energy and food prices but also in a host of underlying core prices, the government reported Wednesday.

U.S. consumer prices rose a seasonally adjusted 0.4% last month, the Labor Department reported Wednesday. See full government report.

Excluding food and energy prices, the core CPI rose 0.3% in January, the biggest gain since June 2006.

The increases in the CPI and core CPI rates were above the median estimates of economists surveyed by MarketWatch. Economists had projected a 0.3% gain in the CPI and a 0.2% increase in core inflation. The report contains updated seasonal factors.

As a result, December CPI was revised up to a 0.4% gain compared with the initial estimate of a 0.3% increase.

On a year-over-year basis, the CPI is up 4.3% in January. Core inflation is up 2.5% over the same period, the fastest pace since February 2007.

The number isn't that bad if you don't eat or drive anywhere.