Biden kissed stable prices good-bye when he killed the Keystone Pipeline project on day one of his administration. That policy change takes time to work through the supply chain, but it will. Fuel prices affect everything, especially in the food industry from the fuel used to cultivate the fields, to harvesting, to get it to the processing plants, and finally to the distribution points.
I think all of us are learning that “Green Energy” refers to the dollars all this BS will take out of our pockets.
If there were no inflation of the money supply, the increase in prices based on the price of oil would lead to a decrease in prices not dependent on transportation and oil. The reduction in the oil supply will make dependent prices go up faster than other prices but there is massive money inflation so everything is going up, wages will also rise but much later and more slowly, and not as far as the dislocation causes much misallocation of assets and a real reduction in the economy.