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To: Joseph Pareti who wrote (127671)	2/19/2001 9:36:07 AM
From: GVTucker	Respond to of 186894

Joseph, RE: my understanding was that gas price is at culprit for the PPI increase and that this should not change the FED line of action on monetary policy. It is natural gas that increased sharply rather than gasoline. But take out all food and energy from the equation, and prices still increased at 0.7% for the month of January, a very sharp increase. If this was a one month deal, it really wouldn't matter. But inflation hit an inflection point 2 years ago, and has been increasing ever since. This is true not only for the overall rate of inflation, but also if you take energy out of the equation.