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Well, the outlook for food inflation isn’t improving. Restaurants and supermarkets generally have not even passed on all of the increased cost from the last wave of price hikes, and profit margins are much thinner than most people realize so it won’t take long for this to be felt at the register.

May 27 (Bloomberg) — Enjoy your next steak, because prices from Shanghai to San Francisco are only going up. [...] “We are witnessing the globalization of meat as incomes rise,” said David Kruse, president of CommStock Investments Inc., an agricultural broker and researcher in Royal, Iowa. “The first thing these consumers buy as their incomes rise is more and better food, not a flat-screen television or a computer.”