That's fair, but I honestly don't know enough about how all of those factors affect one another to say any more.
The Federal Reserve used to target a "range" of inflation (I think around 1.7-2.2%), but Bernanke set a specific target rate for the first time earlier this year at 2%. So far the inflation rate has hovered around the target.
I think the Fed is actually doing an okay job with inflation, especially when you consider the crazy alternative, i.e. Paul Krugman:
http://www.nytimes.com/2012/04/29/ma...1&ref=magazine