Higher and Higher: Walmart CEO Predicts Inflation on Consumer Basics

Walmart is warning the public about pending inflation. CEO Bill Simon told USA Today that inflation is "going to be serious. We're seeing cost increases starting to come through at a pretty rapid rate."

Prices are moving up on things like food and clothing. We've reported on commodity prices rising in the past. Cotton, for example, is expected to increase close to 30% in the first half of this year, and most of us have felt the pinch at the gas pump. Prices in Chicago, where I live, are hovering around $4 a gallon for regular gasoline; that's nearly $1 more than this time last year.