Some Unconventional Wisdom on Inflation

It has been overshadowed by the market's wild gyrations, which had mercifully subsided early Friday, but the inflation debate is back.

On Wednesday, the Labor Department reported the consumer price index rose 0.2% in January, putting its year-over-year increase at 1.1%, the lowest since 1986. Many believe even that modest level overstates inflation, The Wall Street Journal reported Thursday, detailing the government's plans to revise the CPI.

Beginning this summer, the government will use the chained CPI, which is adjusted for spending on certain goods as prices rise and fall. Predictably, the plan has raised the hackles of those who don't adhere to the conventional wisdom, as chanted mantra-style by most Wall Street economists and certain Federal Reserve officials: ...