A line graph shows the core U.S. Consumer Price Index from June 1971 through June 2021. That measure was relatively high from the mid-1970s through the early 1980s, and it moved up from low levels starting in late 2020. Below the line graph is a heat map for the same period that plots drivers of inflation: growth, slack, globalization and U.S. dollar, inflation expectations, technology, Federal Reserve policy, and fiscal policy. Each driver is represented by colored bands that change to red if the driver has inflationary impact and to blue if the driver has deflationary impact. In 2021, fiscal policy, Fed policy, and growth are red, indicating a higher inflation risk. Inflation expectations and slack are blue, indicating a lower inflation risk.