The inflation data for the first half of 2011 do indeed show some increase in underlying inflation (though after a sequence of revisions, this is not quite as large as it looked a few months ago).
Another, more conventional determinant of stability will be the economy's degree of leverage--the extent to which debt rather than equity is financing the level of capital. The proper degree of leverage in a firm, or in an economy as a whole, is an inherently elusive figure that almost certainly changes from time to time.