Find which version of package is installed with pip

Using pip, is it possible to figure out which version of a package is currently installed?

I know about pip install XYZ --upgrade but I am wondering if there is anything like pip info XYZ. If not what would be the best way to tell what version I am currently using.

As of pip 1.3, there is a pip show command.

$ pip show Jinja2
---
Name: Jinja2
Version: 2.7.3
Location: /path/to/virtualenv/lib/python2.7/site-packages
Requires: markupsafe

In older versions, pip freeze and grep should do the job nicely.

$ pip freeze | grep Jinja2
Jinja2==2.7.3

Stack Overflow Q#10214827, score: 1746