The papers have been full of commentary warning of impending inflation (none referring to the many warnings of coming deflation of not-so-long ago). We present 4 pieces on the topic: Financial Post, The National Post, The Wall Street Journal and in one other, but it could have easily been more. These pieces invariably point to recent rises in very specific sets of prices as evidence of what is to come. If inflation is a 'general rise in the price level', then surely the fact that some prices are rising (with others falling, as the writers acknowledge), then how can this be any evidence of inflation, or of anything other than the everyday working of markets? There seem to be at least two relevant questions here: is inflation likely to rise in the near term, and - what are the true indicators that it will or has?
