Short term.
As always, they will cut quantity rather than increase price; a 'gallon' of milk will, in reality, become 7 pints or similar. Those big Butterfinger candy bars of old are becoming Butterfinger Bites!
But I don't think this will be a creeping inflation, as some say. The jump in prices is already being noticed widely... also gasoline prices. This year the already inflated federal budget has jumped from $4.5 trillion to over $12 trillion!
Talk of increased taxes is just another way of punishing consumers; there is no reasonable non-painful way to raise that much revenues in a year. The present madministration knows this. They all have their deals worked out. Now the dollar must fall so China can be the economic super power and America can be the newest banana republic. People will squabble for food and clothing while their 'betters' lounge on Mt. Olympus drinking mint julips and discussing the Great Reset.
This was Jimmy Carter's dream. He just didn't have a lying traitorous media.
how about plywood at $100.00/sheet?
https://www.politifact.com/article/2021/apr/15/yes-price-plywood-range-252-market-factors-blame/
https://www.homedepot.com/b/Lumber-Composites-Plywood-Sheathing-Plywood/N-5yc1vZc7q5
Prices are ridi5ng in just about every category. Supply chain constraints as the world rebalances and moves away from China coupled with more regulations and risk will continue to drive prices and inflation up. Won’t matter to large corporations who will have killer years in 2021.