Raw Data: Inflation Has Been Running at 0% All Year

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I mentioned inflation in the previous post, but it’s worth pointing out something that hasn’t gotten a ton of attention: since the beginning of 2017, inflation has been dead flat:

Some of this is due to declining oil prices, but even the core indexes (which exclude food and energy) are running at an annual rate of only 0.8 percent. This is yet another sign that the economy has been so-so over the past few months. Wage growth is modest and there’s no inflationary pressure at all.