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U.S. consumer prices were flat last month as cheaper gas offset modest increases for food, clothing and housing. The data indicate that inflation remains in check.

Federal economic data, as well as the Labor Department's Producer Price Index and Consumer Price Index, could dominate economic news this week. And while the earnings season is winding down, quarterly reports from Nike and Ross Stores are scheduled.

Despite all the worry over the impact of rising oil prices, recall that the U.S. is now a largely services-based economy. And observe that the rising wages that have led to real overall cost rises in decades past are nowhere to be found today. Exhibit A is in Wisconsin.

Inflation has inched higher in the past six months, but that's not a danger sign, but rather a harbinger of improving economic conditions and a strengthening recovery. And that, in turn, should lead to higher wages and more hiring in the year ahead.

Government measures show that inflation, at 1.6% in January, is still below the Fed's target of 2%. But commodity prices are soaring, and anyone who pays their household bills knows that food and energy prices are rising because of it. Is the Consumer Price Index getting it wrong?

The Fed's next consumer price report out Thursday is likely to show a scant 0.3% rate in January. So why does it feel like prices everywhere are climbing noticeably? A different way of measuring inflation from MIT's Billion Prices Project provides an answer.

Rising food and energy prices will likely hit America the same way they've hit other countries. Other inflationary forces are more variable from nation to nation. Still, the U.S. can't fully escape rising prices, especially when it comes those common consumer necessities.

Hoping to add some safety against inflation to their portfolios, many folks have been investing in Treasury inflation-protected securities -- TIPS. So now that inflation is on the horizon, they should be sitting pretty, right? Unfortunately not. Here's why.

Inflation in 2010 was low, according to the consumer price index. But underlying growth in the cost of energy, raw materials and health care could indicate significant inflation this year. And that could mean higher prices for consumers or lower profits for companies.

Consumer prices rose last month as the cost of gas increased by the largest amount since June 2009. But outside of energy costs, there was little sign of widespread inflation. The Labor Department said Friday the Consumer Price Index rose 0.5 percent in December, the largest increase in 18 months....