Just for a moment, let’s not do core inflation; let’s just look at the CPI — and let’s do it in levels, not rates of change. Here’s the last 10 years:
Does this look to you like an inflationary takeoff, or does it look to you like an economy that suffered a bout of deflation — mainly in commodity prices — during the worst of the crisis, then saw some rebound, but even now is somewhat below the pre-crisis trend?