The Wall Street Journal:
"Central banks around the world have been alarmed at how inflation has plummeted in the last year, in many cases into negative territory. Though much of that is due to oil prices, core inflation, which excludes energy and food, has also been disturbingly low."
"... Oxford Economics projects that inflation using the price index of personal consumption expenditures (the Federal Reserve’s preferred gauge) will reach 1.7% by the end of this year, assuming crude prices rise by $10 per barrel, and core inflation will hit 2%. (It will rise less, if, instead, oil prices drop $10 from here.)..."