WASHINGTON - Here's a happy thought for 1995. Inflation will barely go up at all, and the widespread bond market worries about higher prices will prove to be overblown.

As we check out of 1994, we find that, once again, inflation remained tame despite a year of gangbuster economic growth of about 4%. According to the Bureau of Labor Statistics the consumer price index for the first 11 months of the year rose at an annualized rate of 2.7%. That compares with increases of 2.7% in 1993, 2.9% in 1992, and 3.1% in 1991. With the exception of 1990, when the U.S. clocked annual price increases of 6.1%, the inflation record of the 1990s so far is a good one.

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