If you follow this headline alone, it will put you ahead of 99% of the PH.D holding economists.
While they are busy making their complicated Econometric Models to predict inflation, we can do a very simple calculation and be done with it. On top of the simplicity is the accuracy.
So, simply take the Current Monetary Base, found in the St. Louis Fed Data and then this same data from a year ago. The percent change in the data is the inflation rate and best of all is a leading indicator.
There! Now you are armed with what amounts to a full semester of graduate classes, except this little diddy is actually useful.