If you look at things like shelter, which shouldn't be impacted by supply chain, the prices are up - but still substantially below what they would be based on the pre-pandemic trend.
Some follow-up questions that immediately come to my mind are: (1) How does the average U.S. consumer think about supply chain questions? (2) How much more are the prices felt by the average U.S. consumer if I'm feeling them at my income level? (3) Will this translate to a shift in a more fiscally conservative mindset by voters in the upcoming round of elections?
I've not seen any hard numbers but I would assume that the average HN reader (like my spouse and I) are more educated and earn more money than the average U.S. consumer. Please correct me if that is wrong, though! Going with that assumption however, my gut tells me that while we are relatively insulated from these CPI/inflation increases, the average consumer isn't and the financial impact to the average consumer is more of an existential threat. However - and this is not a knock on anyone at all because I really enjoy discussing supply chain questions too - I'm getting concerned that the majority of people in the country less fortunate than me do not have the luxury/privilege to have the same discussions. Since, at this point, these types of questions and discussions could probably be fairly be classified as academic at our level, it's very much real and not academic to those less fortunate.
But please forgive that moralizing tangent! Just typing out these questions, concerns and thoughts as they come to me while I'm sitting here having my second cup of coffee and getting through my first round of meetings for the day. Hopefully nothing I said offended you or anyone else here and might even stimulate further conversation and fresh viewpoints or perspectives on these issues. :)
One is that the supply chain and shipping world is just completely bottlenecked and screwed up, some of it is COVID related disruptions (airlines not flying for a long time, shippers/dock workers not working, etc), some is residual shocks from the Ever Given (which pushed a massive "bubble" into the normal flow of containers/etc - which is creating weird paradoxical effects all across the supply chain as it suddenly becomes very important or not important at all to hustle on specific parts of the chain), etc.
The other is that we just killed 700k people in the US alone, a disproportionate number of whom were "frontline" workers - the people at your grocery store and fast food places. Yeah a lot were seniors but of the ones who weren't, a ton of them were frontline workers. And that's just creating a massive labor shortage. In a sense this is also a preview of what the "send 'em home" policies certain political groups push for would look like.
Vaccination policies are another log on that fire but frankly I don't think it's the grocery store workers who are the ones digging in their heels about getting vaccinated, it's the karens who are their customers. I think it's a comparatively small effect compared to the above two, but it's still yet another compounding effect.
The supply chain was very "just in time" and disruptions to that supply chain can have surprisingly long-term effects before the ripples finally smoothed out - even if COVID had disappeared you are probably talking "at least several years" to return to normal, in the global shipping chain, and in certain long-leadtime supply chains like electronics. And really we are not even past the part where ripples are still getting created, due to the general labor shortages. Again though, we tell workers to have a 6 month supply of all expenses just in case "something unexpected" happens, and yet these JIT policies have been the darling of the business world. This is the downside, something big happens and they don't have any slack in their production chains. The companies that planned ahead and had a "6 month emergency supply" of computer chips aren't having problems as bad as the companies who were living paycheck-to-paycheck (or supplytruck-to-supplytruck).
https://www.supermarketnews.com/issues-trends/grocery-worker...
I encourage everyone to get vaccinated if they can, but vaccinated customers also transmit the virus. There is only a limited and temporary reduction in transmission risk.