The Federal Reserve cannot continue to inject unlimited amounts of free money into banks with the aim of bailing out the banks and propping up house and stock prices without also propping up other prices.

And although the Fed still wants to pretend that food and energy prices should be excluded from inflation calculations, the price trends of the last decade illustrate that this position is ridiculous.
People have to buy food and energy. And thanks, in part, to the Fed’s desire to bail out the banks and prop up stock and house prices, the price of most food and energy keeps going up.

That’s inflation, whether the Fed wants to call it that or not.