Around 2%? Where did you get that number? Did the government tell you so?
I would be more inclined to stick with the BLS' broader, more "real world" straight reporting pre-1980-methodology-based estimates (just the straight-reporting facts, ma'am), as published by shadowstats, which would put inflation closer to 10% (and climbing), and not so "Hey, Piss In Your Face = Warm Rain!", as the current CPI-U does, with its constantly revised hedonics, quality adjustments and geometric weightings (which has ZIP, ZERO, NADA to to do with modelling human behavior).
http://www.shadowstats.com/imgs/sgs-cpi.gif?hl=ad&t=
Anyone who honestly believes that real price inflation due to monetary inflation is the 1.7% (COLA adjustment based on BLS data) is completely out of touch with reality, and living in a world of mental absurdities.
I think you have to operate from inside an unbelievably credulous vacuum to buy into think that
price inflation (due to monetary inflation only) is really is "around 2%". But it doesn't matter. Here's the beauty (or ugliness, or reality) of it: Whatever the fundamentals are in terms of real numbers, these will all play out as mathematical certainties, REGARDLESS OF BELIEF.
So if price inflation really is "around 2%", as declared in the updated CPI-U Scriptures, that's a doubling rate of around 35 years. If true, then OOH LA LA, and yippee-kai-ay, that's great news for everyone! The Fed, Treasury and banks can probably milk that system for a good time to come.
IF, on the other hand, the rate of price inflation is closer to 10% now, and accelerating, as I believe it is, then we're talking about a doubling rate of around 7 years --
and decreasing.