Bernanke gets his wish: Import price increases of 1.3% will likely lead to inflation

U.S. import prices increased 1.3% in November, the U.S. Bureau of Labor Statistics reported today, following a 1.0% advance the previous month. Rising prices for fuel and nonfuel imports contributed to both the November and October increases. Prices for U.S. exports also rose in November, increasing 1.5% after advancing 0.8% in October.
Bernanke gets his wish. Import prices are definitely on the rise. This report reflects inflation underway for oil and food prices. Oil prices, now near $90, have increased about $15 since the Federal Reserve first announced in late September its quantitative easing program, a program that has raised the floor for commodity prices.

The effects annualized announce, if it stays at these levels, double digit inflation for imports and exports.

source: Bloomberg

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