The measure of inflation has not been changing over time with demographic shifts. It should be a measure of year over year (or some period) cost changes for a basket of items the makeup of which is weighted based on the average consumption of the average individual. Shifts in in purchasing due in large part to the ageing population, skyrocketing equity markets and rapidly rising housing costs are a few items which are totally miss-represented in the current inflation measure. To state inflation is still tame is highly questionable. I would submit that with the use of proper / modern indicators, one would find that inflation for the last 5 years has been rising steadily and that interest rates have not been keeping pace to avoid serious consequences.
J_B_W