[acslater00]

Nope. Gold prices are going up because people believe gold prices will keep going up, and keep speculating as such. It has no bearing or relationship to inflation, since most of what we buy is not made of gold.

Energy prices are 50% off their all time highs. When they were high, it was a demand story, not an inflation story. Likewise, with food.

In any event, even if all of those statements were true, that's not what inflation means. Inflation is not "things get more expensive", it's "money gets cheaper". There's a big difference.

Inflation is low. Very low. Too low, in fact. If inflation were a couple percent higher, and nominal GDP were also a couple percent higher, the economy would look a lot better than it does right now.