This is my take to Mr. Bernanke's answers as to why inflation is up.
The dog ate my homework!
He claims the price of gas in the US is up because emerging markets are consuming more, and because of the conflicts in the Middle East.
From Krugman's blog:
"So Bernanke did get asked why, given low inflation and high unemployment, the Fed isn’t doing more. And his answer was disheartening.''
NYT
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