Much has been made about the Russian oil & gas situation and how it affects the prices of every product or service produced downstream of it.
Here's something you might not know. Russia produces 86 billion tons of wheat, Ukraine 25 billion tons of wheat annually. Only China produces more. The yellow in Ukraine's flag symbolizes wheat, it's that important. Much of Russia's wheat has been cut and 100% of Ukraine's wheat shipments have been cut from the world supply. Several countries get almost all their wheat from one of Russia or Ukraine. Not only are their prices skyrocketing, but famine is inevitable. It is coming. Inflation is only the beginning. Famine is the oncoming train, and people have the balls to complain about prices. Just wait. Those countries are going to try and buy US or Canadian wheat, driving up prices yet again.
You're free to complain about politics, but war is now the primary driver of inflation, whether you believe it's politically correct or not.
“Inflation is always and everywhere a monetary phenomenon, in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.” -- Milton Friedman
All else being equal, a rise in the price of wheat or oil would necessitate a decrease in the price of other goods as more money than previously is spent on those particular goods. If you spend more money on gas, you'll have to spend less on something else. The only way [wheat+gas+etc] and all other goods can rise is if there's more money created to chase those goods.
Here's something you might not know. Russia produces 86 billion tons of wheat, Ukraine 25 billion tons of wheat annually. Only China produces more. The yellow in Ukraine's flag symbolizes wheat, it's that important. Much of Russia's wheat has been cut and 100% of Ukraine's wheat shipments have been cut from the world supply. Several countries get almost all their wheat from one of Russia or Ukraine. Not only are their prices skyrocketing, but famine is inevitable. It is coming. Inflation is only the beginning. Famine is the oncoming train, and people have the balls to complain about prices. Just wait. Those countries are going to try and buy US or Canadian wheat, driving up prices yet again.
You're free to complain about politics, but war is now the primary driver of inflation, whether you believe it's politically correct or not.