Dollar depreciation was accompanied by US CPI gains between 2002 and 2007, while EU CPI remained stable. But in the last year-plus, EU CPI has jumped along with US CPI, nearly equalling it, even as the dollar has dropped further and the short-term interest-rate differential has widened (maybe I'll put that in a graph too at some point). So where is the correlation between spiking prices for the US as opposed to the EU? It hasn't been there, at least since 2007, when the dollar really tanked.
Dollar bashing is all the fashion, but don't get caught up in it, otherwise poor investment decisions could well follow -- that's my nugget of advice.