Happy CPI Inflation Surprise Coming Jan. 12?

The stock market could start to discount the possibility of a lower-than-expected December CPI report, which will be released on January 12. This prediction doesn't come with a money back guarantee. However, here are some clues suggesting that inflation may be falling faster than widely expected:

(1) Gasoline. The national retail price of gasoline has dropped sharply over the past four weeks through the week of December 19 (chart). This series is highly correlated with the CPI gasoline price index.