[Minn]

What you see in foodstuffs due to ethanol competition feels like inflation at the consumer level but it’s not what economists identify as inflation

Thanks Professor. Now that Macro Econ 101 class is over we can get back to reality. A massive quarterly jump in wholesale prices is not a monetary phenomenon, and it is very much inflation, in every sense of the word that matters. The same dollars chasing shrinking base of goods (because due to government imposed distortions, the goods are being squandered) is just as much inflation as more dollars chasing the same goods.

[mylife]

Wheat doubled over the past year and it rose another 30% today

[Pelham]

“A massive quarterly jump in wholesale prices is not a monetary phenomenon,”

And you base this on what? M3? You think the money supply wasn’t growing at a high rate over recent years?