With housing prices dropping is it fair to say we are not experiencing inflation right now?

Question

I know prices at the pump, food prices, travel, a bunch of things are going up in price, which isnt really good, and definetely has a big effect on my wallet and my spending habits, but on the flip side, housing prices are going down, and its becoming affordable, where a year ago it was only dream that I could afford a home, and I am finding out that now alot of people who couldnt afford homes during the peak, are now able to afford homes, so my question is with the housing prices lowering are we really going through an inflationary period? Thanks.

Answer 1

We are definitely going through an inflationary period.  The Consumer Price Index (CPI) measures inflation of many different goods.  In May it went up by about 0.8 percent.  

http://www.bls.gov/news.release/pdf/cpi....

That PDF shows a detailed breakdown of where inflation actually comes from.