For the Fed, inflation is way off target.

The Federal Reserve’s preferred measure of inflation in February fell short of the central bank’s 2% target for the 34th straight month.

The price index for personal consumption expenditures was up only 0.3% from a year earlier, the Commerce Department said in Monday. The last reading above 1% came in November.
The oil price crash, a strong dollar and weak overseas economies have all kept inflation at bay. But some slack in the U.S. economy may also be keeping prices muted.
Taking out food and energy, inflation barely firmed to 1.4% from 1.3% in January.
http://blogs.wsj.com/economics/2015/03/30/u-s-inflation-undershoots-the-feds-2-target-for-the-34th-straight-month/