For months now, FED chairman Bernanke and his supporters have downplayed the recent increase in U.S. inflation. He said that overall consumer price increases reflected spikes in oil and other commodities that were unlikely to last.
Bernanke and the Fed officials when commenting on the subdued rise in inflation prefer to look at the so-called "Core Inflation", which excludes Energy and Food Prices.
Now that really makes good sense - exclude Gas & Food - the two most necessary commodities that every American needs every single day and then determine the inflation index and tell Americans that "Inflation is not that bad".
He obviously things we are the dumbest people on the planet or maybe, just perhaps he is not the right economist for the job of Federal Reserve Chairman ?