Price movements have grabbed the headlines in recent weeks. Commodity prices are falling, and as always, there are various arguments about the reasons this time. The implications are serious, so the debates are warranted. But the more pressing issue is recent movement in the general price level. Overall price growth has weakened lately, and there is renewed worry about disinflation and deflation (the dreaded Ds). Five years beyond the crisis, and we are still worried about this? What's going on?