At 2.7 per cent, inflation is bang in line with its average rate over the last 10 years. The reason why real wages - and real incomes for savers! - have fallen isn't that prices have behaved unusually. It's that the legacy of the recession - mass unemployment and low interest rates - is depressing incomes. Ed Miliband says we have a cost of living crisis, but it would be more accurate to say we have a real incomes crisis.
However, we do have - and will have - a problem with prices. But it's a problem of relative prices, more than the absolute price level.