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According to a message from Federal Reserve Chairman Ben Bernanke delivered via satellite, the economy will continue to grow at a slower pace during the coming months.

"Although core inflation seems likely to moderate gradually over time, the risks to this forecast remain to the upside," Bernanke said. He added that he didn't think inflation risks would include food or energy.

Another concern was the continuing weakness in the housing sector, which will definitely have a longer impact upon economic growth. Of course the reason for that is people have been using their homes to tap into its equity to buy things. It's something all of us need to closely watch in connection to the growth of our businesses, and the economic climate we live in.

In spite of the increase in oil and gas prices, overall energy is lower than when it peaked in 2006.
 
One thing that could also contribute to price increases is the tight labor market, according to Bernanke.

"The continuing high rate of resource utilization suggests that the level of final demand may still be high relative to the underlying productive capacity of the economy." he said.

The above sentence simply says that with businesses being tight with hiring, the demand for products could cause prices to rise.