Grandmaster Flash’s Inflation Gripe Outdated Amid Lowflation

Three decades ago, Ronald Reagan called surging prices “violent as a mugger,” while Grandmaster Flash and the Furious Five rapped about “double-digit inflation” making them “wonder how I keep from going under.”

Fast forward to the eve of 2015 and central bankers have a different gripe: lowflation, or a prolonged period of ultra-low inflation. Exacerbated by oil’s 39 percent decline since June, consumer-price gains may be so weak they threaten the credibility of the Federal Reserve, European Central Bank and others in achieving inflation goals seen as necessary for long-term economic health.