WASHINGTON -- With so much attention being paid to the sputtering economy and the presidential campaign, investors have been ignoring the good news on inflation.

Price pressures have been ebbing since the summer across a wide front of consumer goods and services. "Probably the most overlooked phenomenon in the U.S. financial markets has been the substantial diminution in inflationary pressures that has taken place in recent months," analysts at Dean Witter Reynolds Inc. told clients in a market letter last month.

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