Inflation is expected to be 0.6% this year and 1.6% next year by CBO. The 5 year Inflation-indexed Treasury (TIPS) market is implying inflation of 1.6%. Prices on commodities and rent prices in major cities are mostly flat to down. Prices of imports are low and stable on average. So if you are observing signs of inflation, you are not living in the US or using the US Dollar.