> [As I just wrote Loren: "I've been wondering sometimes if we're in the
> early stages of some sort of stagflation. One difference: the
> inflation of the 70s was very political - wildcat strikes in the US,
> Third World demands for a new order, etc. Don't see much of that now,
> except maybe for Hugo Chavez."]
>
But it's only being driven by oil this time. Core inflation isn't particularly high. Inflation isn't built into the structure of wages and prices like it used to be.
Seth