No doubt about it, commodity inflation has already started in oil, gasoline, and food prices. Then in about two years when the labor market strengthens somewhat, we’ll start to see wage & salary increases and a substantial increase in overall inflation. Taking out the phony adjustments by the Labor department for hydronics and “geometric pricing”, we’ll be getting hit with actual inflation somewhere around 5-7% in a few years. Because there’s so much more global business competition and global production capacity than in the 70s, I don’t think we’ll see double-digit inflation in this decade, but inflation is surely going up substantially from today.