Inflation is segmented ...
- The price of gasoline is down.
- The prices on computer parts is stable to down.
- The prices of foodstuffs fluxuate but are overall up.
- The prices of homes has recovered a lot but in most places is still down from the peaks in 2006 -- but how often do you buy a home (or other real estate)?
- Rents are up -- they are always up ...
The stated US government figures are manipulated to an average that looks better than it is IMHO. The real inflation rate for everyday consumers is probably in the 4% to 6% annual rate.