Inflation, Where?

"Many long-held relationships are breaking down in this volatile economy. Among them might be the connection between headline inflation and so-called core inflation which strips out food and energy prices. ... Analysts expect the government to report that the inflation measure was up 4.5% from, a year ago, due mainly to soaring energy prices. Core CPI, however, is expected to be up a relatively modest 2.3% from a year ago", Mark Gongloff at the WSJ, 16 July 2008.

Here's an old CPA joke: A prospective client asks a CPA, "how much is 2 and 2"? The CPA answers, "Any number you want it to be". I wonder if that CPA now works for Uncle Sam.