I don't really hear anyone talking about this often, but is it possible that there is systemic deflation across the economy as a result of efficiencies and prices falling in the digital age? As companies get squeezed on price due to more efficient competitors and high tech alternatives to their products, they have less money to pass onto workers. When profits are fat, companies can afford to pay workers a lot.

This would explain why the inflation rate has been much lower than some people (like the Federal Reserve) had expected.