Federal Reserve Chairman Ben Bernanke had this to say yesterday to the National Bureau of Economic Research:

If inflation expectations are well anchored, changes in energy (and food) prices should have relatively little influence on 'core' inflation, that is, inflation excluding the prices of food and energy.

Interesting thought. He's basically saying that he believes increasing prices for food and energy aren't necessarily signs of inflation.

The Fed's practice of using interest rates to keep a handle on inflation is all about controling how much money there is in the economy. If there are too few dollars chasing too many goods and services, prices for those goods and services will tend higher. Mr. Bernanke just said that energy and food prices, while on the rise, aren't really indicators of inflation. Put another way, their rising prices are more a result of a shortage of supply rather than an excess of money chasing that supply.

In essence, about higher gas prices and grocery bills, he just said "Not my job."