Will Katrina Lead to Higher Prices?

While most of the talk after Hurricane Katrina has been about the rising of gas prices, many economist believe that inflation is a more worrisome threat. Some say that all of the disruptions following Katrina could lead to upward pressure on prices all across the entire economy as well as the rising gas prices. One market strategist said that the rebuilding that will be going on in Louisiana and Mississippi could also lead to a pickup in economic growth and thus creates higher labor costs and upward pressure on prices. Do you believe that we should worry about possible inflation in the economy because of what has happened because of Hurricane Katrina?