Regular readers know that we like to look at commodity price changes as the best forward-looking indicator of where consumer prices are going. If you know what’s happening with corn, and oil, and aluminum prices, et al, you have a pretty accurate indication of where consumer prices on the store shelves are headed.

We don’t like to make too much out of short-term trends, but we can’t help noticing that prices have stormed back up by about 8 percent from the low a week before the Fed announced its 50 basis point cut 50 days before the election. The Fed’s deep thinkers said inflation was tame, but they may have uncorked a new round of higher prices.

And, of course, the strike of the dock workers (see below) will start jacking up prices as early as next week if the merchandise gets stacked up at the ports.

It seems that wherever Joe Biden goes, supply-chain disruptions follow.