Inflation, gold: Back to the 1970s?

Article in today's National Post - Inflation, gold: Back to the 1970s?:

The last time food and energy prices soared was the 1970s, when monetary inflation unleashed double-digit rises in the Consumer Price Index. Coxe concedes U.S. government core inflation numbers are fudged: He dubs it "the CPI for economists who neither eat nor heat."

In the '70s, inflation started with double-digit rises in prices of crude foods. Guess what, crude food prices rose 26.3% year to date in the US September 2007 Producer Prices Index report. China and other emerging markets are developing first-world appetites for food. Investors are turning to commodity stocks as inflation hedges and "gold's recent rally is the real deal," Coxe says. He predicts gold will hit four digits in dollar terms.

Also see the quote from: "Economist Mike Moffatt at the Richard Ivey School of Business" near the end of the article.