FOMC annual projections are fourth-quarter averages. Source: Bureau of Labor Statistics and Federal Reserve Summary of Economic Projections. September 26, 2017  Board of Governors of the Federal Reserve System Bord of Governors of the Federal Reserve System  2  2  Figure 3  Percentage points  Why Has PCE Inflation Been Running below 2 Percent?
0.5  0.5  0.0  0.0  -0.5  -0.5  -1.0  -1.0  -1.5  -1.5  -2.0  -2.0  2000–07  2008–12  Relative food/energy prices  2013  2014  Relative import prices  2015  2016  2017 (est.)