Private reporting of Australia's inflation rate puts it higher than the OECD developed countries' rate. That does not deter me from investing in Australian currency, since their government's debt is smaller relative to GDP than that of many other developed countries. The Reserve Bank of Australia is not encumbered with some academic who demands quantitative easing, as we are here in the U.S.
BTW, the question in my title is a reference to an idiotic movie from a few years ago, and the meme it spawned more recently wondering whether a recession was in progress. Answering it today is easy. Dude, inflation is everywhere, but some countries' central bankers have a much higher pain threshold.
Full disclosure: Long FXA.