JANET YELLEN: Here are 9 charts on inflation I'd like to share with you

Reviewing the history and the current state of inflation, Yellen used 9 slides to argue that inflation expectations are critical for the actual realized direction of inflation.

Furthermore, she argues that the forces holding back inflation today are "transitory" and likely to let up on prices.

"I expect that inflation will return to 2% over the next few years as the temporary factors that are currently weighing on inflation wane, provided that economic growth continues to be strong enough to complete the return to maximum employment and long-run inflation expectations remain well anchored," she said.

But she rounded out her slides with an unsettling chart of Japan's experience with inflation.

"The economic outlook, of course, is highly uncertain and it is conceivable, for example, that inflation could remain appreciably below our 2% target despite the apparent anchoring of inflation expectations," Yellen said. "Japan's recent history may be instructive."

All of this is critical as one of the Fed's mandates is price stability. Importantly, as the Fed begins to tighten monetary policy, it has to be mindful of price stability moving forward.

Scroll down for the charts.