Hi Duncan,

> I have the following test file:
>
> --
> \setupoutput[pdftex]\setupcolor[rgb]\starttext
>
>
\items[symbol=none,location=top]{{\inframed[frame=on,corner=round,radius=3mm
> ,offset=1mm]{demand-pull
> inflation}},{\inframed[frame=on,corner=round,radius=3mm,offset=1mm]{in
> comparison}},capital-intensive}
>
> \items[symbol=none,location=top]{fixed assets,entrepreneurs,as a
> result,implementation}
>
>
\items[symbol=none,location=top]{situation,monetary,system,arbitrage,stable}
>
> \stoptext
> --

I have tried your code. If you setup framed then it works. Please refer to
the attached inframed.tex

Willi