This morning aluminum maker Alcoa beating earnings estimates by .51 cents on a 24% rise in aluminum prices (reported by CNBC).

Those who say that inflation is under control are simply lying. Of course, if you remove inflationary items from the CPI and PPI, then you're removing the most important items in the index.

The CPI measures prices of a fixed basket of goods: Food, Transportation, Utilities, Clothing, Medical Care, Entertainment and other items.

The PPI is broken down into components by commodity, industry sector and the stage of processing. The PPI tracks Food, Metals, Lumber, Oil and Gas, and many other commodities. But, and here's the kicker, economists also look at the PPI excluding food and energy which they call the "core". Core inflation is what is constantly being focused on.

The only thing I know about a "core" is you can't eat it. Throw the core inflation rate out, and you're looking at a 5-6% inflation rate.