"Of course these numbers don't account for what's happened obviously in May and June, but the April numbers actually were not very bad. The overall annual inflation rate rose at an annualized rate of 5 percent," says Dr. Walden, a professor of agricultural and resource economics. "So in other words that's taking the increase in prices for just for April and saying, 'What if this continues for the rest of the year?'

"So 5 percent is a little on the up-side. It's certainly not double digits," he says. "Now if you look at the previous year -- that is April '06 to April '07, overall prices are up 2.6 percent. Not bad.

"Now if you look at the components of the inflation rate, no surprise. The biggest jump was in transportation expenses -- again, on an annualized basis in April, up over 12 percent and up 6 percent over the past year," Walden continues.

"But outside of transportation and also outside of food the inflation picture is actually pretty good. It's still mild. Inflation is running around 2.5 percent both for the month of April, again on an annualized basis, as well as over the past year."