One major cost of inflation, which is only intensifying, is the trend towards Regionalism, the winding down of Globalisation.
Capitals access to global markets really began shrinking prices in the 1980s, as the offshoring of labour costs really began to accelerate.
The trend now, is to concentrate all your chain in one area. In my company we see all aspects of Chinese production, for example, being carried out only in China (as much as possible). R&D, manufacturing, sales, all within the region. The same for Europe, The US, and Africa coming soon (how to profit from the boom there?).
Trade wars, increasing tax complexities have been anticipated and baked in.
This trend is driving up costs everywhere as companies reconfigure their entire product chains. The law of unintended consequences applies - you wanted to bring those jobs back home? Then everything about your lifestyle will cost more than it did before.