Very interesting set of charts looking at Consumer Prices from The Chart Store. Over the course of 12 post WW2 business cycles, the following shows the periods of Inflation.
Two things worth noting: The current cycle versus the composite of all prior cycles is relatively modest. This suggest that inflation is currently tame.
However, as the same chart shows, it has begin to move higher — and that raises concerns of increased inflationary pressures in the not-too-distant future.
The following chart suggest rising consumer inflation expectations: