If people think prices will rise, they will modify their behavior. That could, in turn, lead to price hikes.
While many new-car assembly lines are backed up, older cars are available, and they're fetching premium prices.
Consumer inflation expectations aren't rising sharply, according to Morning Consult, consistent with the Fed's view that most inflation right now is "transitory."
Restaurant prices are up 4% compared to May of last year.
The latest numbers from the Bureau of Labor Statistics show that food prices rose in May. That's a trend that will likely continue in the short term.
There was a 0.6% increase in prices over April and 5% over the past year, the biggest 12-month inflation spike since 2008.
Inflation data shows that consumer prices went up 4.2% year over year — the most since 2008.
The rise in inflation over the past year is at its fastest rate in more than a decade.
Everything that goes into a building project, from diesel fuel to plastics to gypsum for drywall, is getting more expensive.
The gains are largely expected to be a temporary blip rather than a reawakening of dormant inflation.