Hang on to your Bippies!

Here we go!

Money Quote (in this case, literally):

The big jump in prices underlines the Federal Reserve’s concern that inflation could pick up pace and make it more risky to continue cutting interest rates to keep the threat of a recession at bay.

In other words, the Fed has been printing money as fast as the presses will go for months, trying to bail out the housing and automotive industries. Now they are finding out that the laws of economics cannot be repealed by closing your eyes and wishing really hard.

Weeeeee!