Since September, inflation has averaged 1.6 percent, the lowest in 16 years.

Over the last five years, inflation has averaged less than 20 percent a year.

According to the Treasury, inflation between 1972 and 1982 averaged 14 percent a year.

In 1990 consumer-price inflation averaged 20 per cent and real wages fell.

Since 1997 inflation has averaged 3%, with recent years increasing to nearly 5%.

TIPS are priced now as if inflation will average about 2.3 percent over the next 10 years.

During those 15 years the tax bill would have been reduced by more than a third if inflation averaged 3 percent a year.

And after seven years in which inflation averaged a moderate 3.6 percent, the comfort zone for most Americans may be threatened.

In the 1970s inflation averaged 13% a year and peaked at 25% in 1975.

The European Commission estimates that inflation will average 2.3 percent for this year.