The new inflation numbers are out. Labor Department says the consumer price index rose 0.7% in June. The BLS says the increase was mostly due to rising gasoline prices.
But it's not all gas. Bloomberg has this to add:
General Mills, the Minneapolis-based maker of Cheerios and Hamburger Helper, raised prices in fiscal 2009 by 8 percent to counter higher commodity expenses, Chief Financial Officer Don Mulligan said in a telephone interview.
Some economists are still worried about deflation, which can be harder to stop than inflation. They'd like to see a healthy 2 or 3% increase in prices.