Seems what we have is a classic cost-push inflation.
Trouble is that monetary policy does not work well to contain cost-push inflation.
Resolution is simple: the FED should let the oil shock work through the economy and not raise interest rates to control price increases.
Seems to me that the Fed is a tad overly concerned about inflation and a great deal under concerned about jobs. A little inflation can result in more jobs.
C'mon Ben, give us some jobs. Prices are going up anyway; at least with a job we can buy food.