STAGFLATION….The LA Times is worried:

With inflation heating up amid the prospect of another interest rate hike from the Federal Reserve, some economists said Wednesday they were beginning to worry about a ghost from the past: stagflation.

Maybe so. My instinct tells me that rising oil prices are more important than most economic models make them out to be, and there are certainly plenty of other reasons to be worried too.

Still, are worries about stagflation really up? Acording to Nexis, mentions of “stagflation” have declined recently, trending downward from 181 in 2005 (through June 15), to 101 for the rest of 2005, to 68 this year (through June 15). If there’s a genuine concern floating around out there, it hasn’t made much of an impact on the news media yet.

NOTE: I did a Nexis search on all news sources using the search term stagflation w/20 (“fed” or “federal reserve”).