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Personal Consumption Expenditure (PCE) prices increased by only 1.25% during the 12 months ending January 2011.
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The Personal Consumption Expenditure price index rose 0.5% in June, again due to higher gas prices.
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The ministry cited a decline in private sector investments and private consumption expenditure for dragging down total domestic demand.
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He notes that with little fanfare the Fed recently switched its inflation benchmark from the Personal Consumption Expenditure deflator to the Consumer Price Index.
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The Fed closely watches a cumbersome-sounding index, the core personal consumption expenditure deflator, for signs of inflation, and in the last few months, that indicator has dropped within the range Bernanke has been looking for--after three years of coming in above his range.
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Inflation, as measured by the core personal-consumption-expenditure deflator (excluding food and energy) fell to 0.7% at an annual rate in the third quarter, its lowest since 1962.
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Scientists also are far from unraveling the connections between the largely autonomous parts of the brain that regulate day-to-day energy consumption and expenditure, and the conscious brain that directs behavior such as walking across the street to get a bacon cheeseburger.
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Consumption and investment are part of the expenditure stream while profits are part of the income stream.
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What this is all suggests is that the human spirit in its most daring moments has actually manifested physical attenuations of energy expenditure, reducing the tally of total energy consumption by exponential multiples undreamed of a few generations ago.
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