Procter & Gamble says it'll raise prices in September. Is inflation set to surge?

Procter & Gamble is giving fair warning to consumers: Expect higher prices this fall for some of its products, ranging from baby supplies like Pampers to feminine hygiene products such as Tampax. That in itself wouldn't cause alarm, except that P&G follows several other consumer-goods companies that have told shoppers to brace for higher costs.

Such announcements are fueling concerns that inflation may be set to rise, an issue that had already been on economists' minds given the trillions that have been pumped into the economy through several stimulus packages.  Because U.S. households are now sitting on $1.6 trillion in additional savings, thanks to all that stimulus aid, some economists have raised concerns that the economy could overheat once fully open. A rush to buy plane tickets, clothing and vehicles could spark inflation, in other words.