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.)
Slack  Other  Total shortfall 3  Note: Deviation of PCE inflation (4th quarter to 4th quarter) from 2 percent, total and portion attributable to specific factors. Source: Federal Reserve Board calculations using data from the BEA, BLS, CBO and SPF. See the appendix for further details.