One of the first signs of inflation is the rise of commodity prices; not just one commodity, but more like a basket of various commodities.
Housing production will be slowed as existing home prices continue to rise. Lumber is way up too.
PPI was a bit hot this week too, so producers are seeing it. I’m thinking it will show up in consumer numbers by summer. Of course regular people will notice the inflation before the official numbers are out. I think there is a real chance we experience some 70’s style stagflation under Biden.