Inflation doublethink

“World Bank: Global food prices are rising to dangerous levels”; “Sysco declares force majeure, raises grocery prices”; “The J. M. Smucker Company Announces Coffee Price Increases”; “Kraft warns on price increases”; “Kellogg says it will raise prices”... “Overall inflation is still quite low and longer-term inflation expectations have remained stable.” — Ben Bernanke, February 9, 2011.