In the period 2000-2003, the RGDP (real GDP adjusted for inflation) growth rate in the US averaged 2.39% per year, while inflation rates remained at around 2.53% per year. In the latter half of the 1970's, by contrast, inflation rates accelerated markedly even though annual growth in RGDP did not exceed 3%.
Now in 2012-2013, the US economy is slowly recovering from the great recession, what will determine whether it can recover in the coming years a strong growth performance similar to 2003-2006 without triggering a noticeable acceleration of inflation?