Take the latest data. On a month-on-month basis, the core Consumer Price Index — which excludes food and energy — was up just 0.2% in September, less than the 0.3% expected by economists in a Bloomberg survey. But on a three-month annualized basis, it is still running at around 3.6%, hotter than the 3% increase over the previous year. At a high level, inflation is still well above the Fed’s 2% target.