inflation- a persistent, substantial rise in the general level of prices related to an increase in the volume of money and resulting in the loss of value of currency.
The title says it all. If you want to read the argument behind Jerry O’Driscoll’s assertion, follow the link. It is a short article and recommended.
http://thinkmarkets.wordpress.com/2011/01/13/inflation-is-here/
Practical Praxeology 