The Fed was right to worry about inflation.

The US Federal Reserve Bank monthly meeting minutes reveal that there is a big concern about inflation. They are spot on and need to keep a tight lid on this.

At the current moment the travel industry is experiencing extensive inflationary pressures driven by the dual factors of the declining dollar and of course the high price of oil.

Perhaps no where is this more apparent than in the current wunderkind of the business - the MENA geography. Today Jordan reported inflation soaring to 12.7%. Inflationary pressures throughout the Gulf is coming back to bite everyone.

There is some real pressure ahead and the Fed will be reluctant to hold interest rates down.