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The plunge in the stock market this week has been widely ascribed to fears that inflation is coming. But for large parts of the American economy — namely, business — inflation is already here. From car companies to restaurant groups, American companies are paying higher prices for raw materials and ingredients. The Labor Department’s Producer Price Index showed 2.6 percent inflation for producers — business — last year. When will those higher prices for business become higher prices for the rest of us?

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Follow Ryan Kailath at @ryankailath