Mr. Market has spoken, and inflation is on the way. From Bank of America this morning:
U.S. 5-year, 5-year forward inflation swaps [i.e., the price rises investors expect from 2026 to 2031] are pricing inflation consistent with the highest we have seen the past five years. This is not about base effects given last year's weakness, not about anything temporary.

Similarly, with a whopping 16.5% year-to-date advance, the Bloomberg Commodities Index is off to its best start on record going back to 1973.