Productivity determines our living standards and real wages. While the universal translator isn't invented until the 22nd Century (according to Star Trek), we are living in a more technologically advanced, "freemium" world which suggests that inflation is probably overestimated by ½%.
The US Federal Reserve remains a secretive organisation. For good reason, they are highly guarded about potentially market sensitive information. However, in a recent embarrassing leak, they accidentally posted its staff forecasts from the June Federal Open Market Committee (FOMC) on the internet.