The news of declining inflation are met differently by different analysts. Some are cheerful. Some conspiracy theorists are claiming that government is just hiding the inflation from the people:

The criminals who operate this Matrix flopped out a bogus CPI number

I like that one 🙂 Give me my inflation back!

What I think happens is best described here. When inflation goes down it’s good. When inflation disappears – it’s quite an ominous sign. We had it back in 2002 already, and it was not pretty.