Here's a graph...

...from Paul Krugman's blog, "showing that shocks to commodity prices do not, in fact, presage higher core inflation."

In fact, says Krugman, "If commodity price rises lead to broader price inflation this time around, it will be a first."

I bring this up in response to (another) helpful e-mail from Senator Mark Kirk:

Dear Friends:

Since November, I have hosted 20 town-hall meetings and two Small Business Advisory Board Meetings where residents across Illinois have shared hundreds of stories about about economic difficulties, deficits and debt.

Recently, a new theme has emerged. More than record-high gas prices, costs are also rising in every sector. While inflation has not been a dominant problem in recent years, many of us remember times of higher inflation and the pain it causes. We know that inflation hurts fixed-income seniors the most.

The Chairman of the Federal Reserve Board, Ben Bernanke, will hold an unprecedented news conference on Wednesday. What will he say? What should he say?

Q. Do you see rapidly rising inflation in your business or family bills?

__ Yes

__ No

__ Do not know

I have begun to look into this question, and the possible solutions, in great detail. I have also written to the head of our Federal Reserve, Chairman Bernanke, to ask for his attention to this trend we see in Illinois.

Gee, with gas prices over $4.00 in Illinois, which of the above answers do you suppose people gave the most?

Oh, and don't tell me, it's all President Obama's fault.