Inflation? What Inflation?

Rising food and energy prices?

So what!

So says the Federal Reserve.

Recent increases in prices of oil, grain and other commodities are "unlikely to have persistent effects on consumer inflation or to derail the economic recovery"

Ignore the higher gas prices, electric bill, subway pass, and food bill.

It's all in your mind.

I'm sure that austerity measures from Washington will so make things better.