Does anybody really believe the government reports that inflation is benign? If you buy gas, fuel for home, new home, meat, eggs, other essentials, you are seeing much higher prices. So why are we getting monthly reports to the contrary? IMO it is because the economy is only being temporarily pumped up by Fed action to keep interest rates low and money supply loose, and it will nose dive when that changes. The Fed can't justify keeping its present policy if the real inflation is reported. Meanwhile, national debt, prices of oil, commodities, gold continue to skyrocket and the Dollar plummets. The longer the Fed plays this charade, the worse will be eventual outcome on the economy.
Two other items that have become significant and creeps up on home owners is insurance rates and taxes. With all the states struggling in balancing there bugets, will be pushed down to the communities. Watch what happens to property taxes. Only option to fund schools and infrastructure.
Should also point out that since Bush's Labor Department gathers and reports the inflation data, it at least raises the question of whether the data are skewed in favor of allowing rates to be kept low to benefit his re-election.