It happens whenever there's a sharp rise in gasoline or oil prices. Pundits focus on the increases and cry foul if broad inflation gauges don't confirm the price hikes at the pump. But it's short-sighted to assume that a spike in energy prices will automatically lead to higher inflation overall.
It's tempting to argue otherwise, especially now. Gasoline and crude oil have rallied sharply this year, creating what some might call a disconnect between tame inflation indexes overall and a critical price surge in the daily lives of consumers. For some folks, there's more than