They are rich: > Dudley tried to explain how the Fed sees things: Yes, food prices may be rising, but at the same time, other prices are declining. The Fed loo

They are rich: > Dudley tried to explain how the Fed sees things: Yes, food prices may be rising, but at the same time, other prices are declining. The Fed looks at core inflation, which strips out volatile food and energy costs, to get a better sense of where inflation may actually be heading. Guess exactly when food and energy costs were declared volatile. If you thought "when they went up" you'd be right. If you disregard those actual inflation is 5%.