This was the highest number they have printed since 1981. Coincidentally, June of the same year is when US inflation (PPI) was last reported as high as today's report suggested.
The top 3 economies in the world (US, Japan, and Germany) are effectively telling you that they are experiencing economic stagflation. This is not good. Lehman , Goldman, and Merrill have plenty more to be worried about other than a credit crisis now.
It is global this time, indeed.