Core inflation has moved decidedly above the Fed's unofficial comfort zone but remains low historically. U.S. "Core" Consumer Inflation (Inflation Net of Energy and Food Price Trends)
Year	Month	Core CPI Percent Change from Year Earlier	Core PCE Percent Change from Year Earlier	Recession 1=recession 0=no recession
1989	01	4.63193	4.64634	0
1989	02	4.70297	4.67589	0
1989	03	4.68365	4.54208	0
1989	04	4.49714	4.33428	0
1989	05	4.56398	4.25387	0
1989	06	4.54545	4.10610	0
1989	07	4.53074	4.00811	0
1989	08	4.43548	3.91438	0
1989	09	4.17001	3.76266	0
1989	10	4.31310	3.78140	0
1989	11	4.37898	3.79234	0
1989	12	4.44444	3.72879	0
1990	01	4.42688	3.53539	0
1990	02	4.57053	3.80836	0
1990	03	4.78807	4.07812	0
1990	04	4.85133	4.18828	0
1990	05	4.75448	4.27491	0
1990	06	4.89130	4.42219	0
1990	07	5.10836	4.36279	1
1990	08	5.48263	4.63732	1
1990	09	5.54273	4.58640	1
1990	10	5.35988	4.51526	1
1990	11	5.26316	4.36373	1
1990	12	5.31915	4.28860	1
1991	01	5.60182	4.59201	1
1991	02	5.65185	4.40592	1
1991	03	5.24345	4.03821	1
1991	04	5.14925	3.79742	0
1991	05	5.13393	3.86542	0
1991	06	4.95929	3.66734	0
1991	07	4.78645	3.75229	0
1991	08	4.61201	3.65205	0
1991	09	4.59519	3.75015	0
1991	10	4.43314	3.70425	0
1991	11	4.49275	3.81592	0
1991	12	4.40115	3.92566	0
1992	01	4.01434	3.63550	0
1992	02	3.70899	3.60985	0
1992	03	3.84342	3.68861	0
1992	04	3.83251	3.80503	0
1992	05	3.89243	3.53224	0
1992	06	3.73766	3.41126	0
1992	07	3.72453	3.54221	0
1992	08	3.49895	3.36431	0
1992	09	3.27755	3.08105	0
1992	10	3.54906	3.18944	0
1992	11	3.46741	3.11400	0
1992	12	3.38632	2.93993	0
1993	01	3.44590	2.80779	0
1993	02	3.57634	2.67464	0
1993	03	3.35846	2.60634	0
1993	04	3.48599	2.64592	0
1993	05	3.40599	2.83980	0
1993	06	3.39905	2.74371	0
1993	07	3.18428	2.48033	0
1993	08	3.31305	2.52355	0
1993	09	3.24105	2.50254	0
1993	10	3.09140	2.25052	0
1993	11	3.15013	2.35116	0
1993	12	3.14171	2.27307	0
1994	01	2.93138	2.12330	0
1994	02	2.78884	2.18109	0
1994	03	2.98408	2.29843	0
1994	04	2.70806	2.09695	0
1994	05	2.70092	1.99006	0
1994	06	2.82709	2.27973	0
1994	07	2.88903	2.43274	0
1994	08	2.81414	2.44450	0
1994	09	3.00850	2.48878	0
1994	10	2.86832	2.55562	0
1994	11	2.79402	2.43188	0
1994	12	2.59235	2.38971	0
1995	01	2.91262	2.56111	0
1995	02	2.97158	2.47445	0
1995	03	2.96201	2.36493	0
1995	04	3.15113	2.47690	0
1995	05	3.07890	2.38878	0
1995	06	3.00512	2.18795	0
1995	07	2.99936	2.03395	0
1995	08	2.99173	2.09313	0
1995	09	2.98413	2.03572	0
1995	10	3.10520	2.06600	0
1995	11	3.03413	1.98941	0
1995	12	3.03222	2.11150	0
1996	01	2.95597	2.02286	0
1996	02	2.88582	2.00879	0
1996	03	2.81426	1.99456	0
1996	04	2.61845	1.87931	0
1996	05	2.67579	1.89377	0
1996	06	2.66915	1.85504	0
1996	07	2.66419	1.84306	0
1996	08	2.59580	1.68010	0
1996	09	2.65105	1.84205	0
1996	10	2.51998	1.83273	0
1996	11	2.57669	1.89580	0
1996	12	2.63642	1.79635	0
1997	01	2.50458	1.69461	0
1997	02	2.50000	1.78312	0
1997	03	2.43309	1.77836	0
1997	04	2.61239	1.82332	0
1997	05	2.54545	1.71593	0
1997	06	2.41838	1.78828	0
1997	07	2.41400	1.68014	0
1997	08	2.28916	1.56320	0
1997	09	2.22222	1.48593	0
1997	10	2.27818	1.39100	0
1997	11	2.15311	1.30891	0
1997	12	2.27001	1.37567	0
1998	01	2.26460	1.46202	0
1998	02	2.26056	1.31890	0
1998	03	2.25653	1.21240	0
1998	04	2.13144	1.23671	0
1998	05	2.18676	1.26629	0
1998	06	2.24321	0.97406	0
1998	07	2.23925	1.20325	0
1998	08	2.47350	1.47122	0
1998	09	2.35018	1.26603	0
1998	10	2.22743	1.42400	0
1998	11	2.34192	1.39506	0
1998	12	2.45327	1.47554	0
1999	01	2.33100	1.46587	0
1999	02	2.15241	1.37538	0
1999	03	2.03252	1.30772	0
1999	04	2.20290	1.43883	0
1999	05	2.08213	1.45714	0
1999	06	1.96305	1.68299	0
1999	07	2.07493	1.54707	0
1999	08	1.89655	1.35927	0
1999	09	2.06659	1.64154	0
1999	10	2.12156	1.51904	0
1999	11	2.05950	1.58533	0
1999	12	1.88141	1.54734	0
2000	01	2.10706	1.69230	0
2000	02	2.16401	1.84579	0
2000	03	2.44735	2.02218	0
2000	04	2.26886	1.80183	0
2000	05	2.37960	1.74892	0
2000	06	2.54813	1.67956	0
2000	07	2.48447	1.62412	0
2000	08	2.59447	1.64278	0
2000	09	2.53093	1.57957	0
2000	10	2.52667	1.49935	0
2000	11	2.63453	1.57272	0
2000	12	2.57415	1.51367	0
2001	01	2.56553	1.59572	0
2001	02	2.78707	1.67269	0
2001	03	2.61111	1.59510	1
2001	04	2.66223	1.72987	1
2001	05	2.54566	1.72887	1
2001	06	2.70569	1.99519	1
2001	07	2.69972	2.17722	1
2001	08	2.63881	2.20694	1
2001	09	2.63302	1.47122	1
2001	10	2.62870	2.19985	1
2001	11	2.73075	2.30165	0
2001	12	2.78232	2.16806	0
2002	01	2.61011	1.87964	0
2002	02	2.54881	1.83489	0
2002	03	2.43638	1.79703	0
2002	04	2.48514	1.82255	0
2002	05	2.53643	1.84218	0
2002	06	2.25806	1.69410	0
2002	07	2.19957	1.56215	0
2002	08	2.35672	1.71432	0
2002	09	2.29824	2.40632	0
2002	10	2.18783	1.64534	0
2002	11	2.02020	1.45711	0
2002	12	1.96391	1.55675	0
2003	01	1.96078	1.55431	0
2003	02	1.74511	1.47484	0
2003	03	1.69133	1.50744	0
2003	04	1.47601	1.34994	0
2003	05	1.52632	1.40302	0
2003	06	1.47213	1.35606	0
2003	07	1.52231	1.43404	0
2003	08	1.30822	1.33162	0
2003	09	1.20167	1.27472	0
2003	10	1.30548	1.42488	0
2003	11	1.09432	1.41222	0
2003	12	1.09318	1.49457	0
2004	01	1.14345	1.66931	0
2004	02	1.24740	1.77277	0
2004	03	1.55925	1.89953	0
2004	04	1.76623	2.01893	0
2004	05	1.71073	2.05445	0
2004	06	1.86528	2.17114	0
2004	07	1.75801	2.06079	0
2004	08	1.75620	2.01719	0
2004	09	2.01342	2.08231	0
2004	10	2.01031	2.15034	0
2004	11	2.21649	2.28689	0
2004	12	2.21421	2.20978	0
2005	01	2.26105	2.21526	0
2005	02	2.36140	2.18347	0
2005	03	2.35415	2.18559	0
2005	04	2.19500	2.05286	0
2005	05	2.19164	2.09899	0
2005	06	2.03459	1.98986	0
2005	07	2.13415	1.98194	0
2005	08	2.13198	2.02102	0
2005	09	1.97368	2.08811	0
2005	10	2.07175	2.09304	0
2005	11	2.11800	2.07586	0
2005	12	2.16625	2.11952	0
2006	01	2.11000	2.01000	0
2006	02	2.06000	1.99000	0
2006	03	2.10000	2.05000	0
2006	04	2.30000	2.20000	0
2006	05	2.44000	2.18000	0
2006	06	2.69000	2.32000	0
2006	07	2.69000	2.35000	0
2006	08	2.83000	2.45000	0

Source: Bureau of Labor Statistics, Bureau of Economic Analysis