>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.
No it's not. But Wall St is getting a little carried away looking only at the core (which excludes food & energy); that strips away almost a quarter of the index's market basket. The headline CPI is at 3.4% year-on-year, which is well above the 1-2% that used to be regarded as price stability.
Doug