Caging the Inflation Monster

Why are key price measures rising only modestly despite the energy runup? Credit the housing slump, Fed policy, and Wal-Mart

Buried on the 11th page of the government's June 15 inflation report is a stupefying statistic: From March through May, retail gasoline prices rose at an annual rate of 168.2%. The good news? Inflation pain didn't spread far beyond the pump.

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