Inflation level, but food & energy up

From Bloomberg TV:
Since Feb/Mar 2007, when Bernanke said we should watch inflation, prices have gone up:
24% oil
10% gold
75% wheat
Yes, they are not in core consumer price index, but still, in march 2007, the CPI was .1. The last reading was .2.
If inflation is the main risk to the economy, and the cpi has gone up as well as oil and wheat, which are not in the cpi, and oil affects many parts of the economy, how can we not be experiencing inflation?