The Inflation Disaster; Can It Be Averted?

We have all heard the new FED Chairman speak of the issues of future inflation and he is correct, as inflation can sink a civilization's economy faster than anything else indeed.
However let us consider this problematic potential eventuality for a moment from a philosophical standpoint shall we? And for the sake of argument let's use the current issues with high oil prices and cost of goods in our Nation.
You see, there is a difference between artificial inflation of a mandatory commodity in an economy and actual real inflation and the two need to be separated and studied as separate animals.
I hope you under stand this Ben.
Additionally, I tend to agree that actual inflation is occurring, but would hold short of saying it is anything close to run away and unless we see some money flows back into our nation in from other nations who have less integrity in their financial markets boosting money supply, then we are merely pissing in the wind.
Interest Rates can stand to be up a tad bit more to make viable options and increase saving rather than speculative investment for folks to hedge against the ups and down in the market as well.
Continued success at the FED, you are looking good so far.
Let's all consider this in 2006.