Click to enlarge
I know I keep harping on this, but take a look at the chart. The "Fed" looks at inflation minus food and energy (the blue line), which they consider too volatile. Of course, you and I have to buy those things so it matters to us (the red line). When is the Fed going to understand the energy issue? As long as the economy is growing, the days of stable energy prices are gone. Economists don't like it when things aren't "stable", but that the reality.
BTW, the latest number is not on that chart. The "core" inflation rate was 8.7% per year, basically off that chart.