Higher Costs are not Inflation

From the Free Market Minute:

A recent newspaper headline, "Inflation delays road projects," bemoaned the fact that a number of scheduled repairs and construction projects on North Carolina highways might not occur on time, due to rising construction costs. The author called these higher costs 'inflation,' however. This is a common mistake, and not just a semantic difference. Inflation is an economy-wide issue; it doesn't occur in one market or one industry alone.