In the past year, bacon went up 10%, fruit 6%, and just 0.2 and 0.3 for cereal and for coffee (but sugar is up over 3% because its ocean-freight transported). Consumer price index went up 4.2% yoy in April.
Corn is up 50%, which is 96% of what farmed animals eat in the US, which exports to the world. China is importing a ton to try to build up its hog supply again, while other countries like Brazil and Argentina have recently had drought (which also narrows rivers and reduces transport ability). Also, 10% of US gas is ethanol. Shipping costs are up, too, because of the labor issue. As you see, a lot of the costs in these products involve labor costs.
Restaurant meals are up 4% in cost. Takeout trays are yet another part of this--prices went up after a Texas storm took out a factory.
Some economists talk about 'wage price spirals,' where both wages and prices go up in a relationship. It was an issue in the 70s. The Fed says inflation is transitory.
This was an idea from Wall Street Journal.