In case you're curious, historical inflation rates can be found
here.
I've used the inflation feature in the past, but I soon discovered that it was boosting the values of multi-year contracts - which kinda' defeats the purpose. So, for instance, you have a player with a three-year contract that pays $1 million per year. After year 1, inflation rises by 1%. So in year 2 you'd be paying that player $1,010,000.
Does anyone know if that has been fixed?