Y-o-Y CPI inflation is 2.1%, but as recently as 9/15 was 0%. Similarly, producer price inflation has risen from -8.4% in 9/15 to 2.6%, and import inflation has climbed slightly more. The Fed’s preferred inflation measure, core PCE, has increased from 1.3% in 7/15 to 1.7%. While the rise in inflation is much desired, the Fed is monitoring it closely to begin raising rates when necessary, probably June.