We all know inflation is a real problem in the US and across the globe. But it seems like it has just gained prominence in the past few months.

The reality is it's been building since not long after the start of the pandemic in 2020.

Consider please the chart below, which tracks the Producer Price Index (PPI), a measure of price changes at the wholesale level in the US. As can be seen, it has shot almost straight up since about the end of Q1 2020. Quite stunning, actually.

Source: Wall Street Journal

The PPI was up another 11.2% from a year ago in March, the biggest gain on record, accoding to data received last week. All rather incredible.

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