The U.S. country index of the Billion Prices Project, a real-time inflation index published by the Massachusetts Institute of Technology, is back after mysteriously disappearing last week.
The BPP tracked online prices of over a half million products sold online in seven nations. OK, so it wasn't a billion prices, but it was certainly large enough to be a representative sample of a broad spectrum of products and services.
The U.S. index had recently become increasingly popular in the economic blogosphere. It was thus a growing source of embarrassment for the Fed because it showed much greater inflation across a wide spectrum of goods and services, generally not impacted by energy prices, than the Fed has been willing to admit to.