"To keep prices stable, the Fed must see to it that the quantity of money changes in such a way to offset movements in velocity and output, " he wrote in this newspaper in 2003.

WSJ: What Would Milton Friedman Do Now?

With indications from diverse companies that prices will have to rise, the strength and velocity of the pickup in U.S. economic output are being put into question, as consumers, which make up more than two-thirds of U.S. GDP, begin to feel the pinch.

FORBES: PepsiCo, Starbucks And Others Wave Red Flag Of Inflation