The Unpleasant Truth About Inflation

This column was originally published on RealMoney. It's being republished as a bonus for TheStreet.com readers.

As recent debate on the pages of this Web site has shown, there is a divergence of inflation views. There's plenty of misinformation and spin out there, too.

I believe the economy is experiencing robust inflation, and has been for some time. While energy certainly is a part of that -- crude oil has run from $25 to as high as $70 -- inflation is not just confined to energy.

What Is Inflation?

Inflation is the rate of increase in general prices of all goods and services. It also can be described as a decrease in the purchasing power of money. ...