Raw Data: Inflation and Expected Inflation

How are we doing on inflation these days? Should the Fed be worried enough about it to raise interest rates even further?

It sure doesn’t seem like it. Here are two charts. The first one shows core inflation (inflation less food and energy), the preferred measure of the Fed. It’s been hovering around their target rate of 2 percent for more than six years, and both of the major measures of inflation are currently within a few tenths of a point of 2 percent.

The future looks equally placid. Expectations of future inflation have been pretty steady for the past six years, and are currently within a few tenths of a point of 2 percent.

In neither case is there any sense of acceleration, nor even of upward movement. Core inflation itself has been bobbling around 2 percent for years, while inflationary expectations have been declining steadily. If there’s any reason to be fearful of accelerating inflation in the near future, it sure isn’t visible in the numbers themselves.

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Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

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