Inflation is being masked by unavailability. For instance, I was looking at a new induction stovetop, and last year had lots of models at reasonable prices. Now, there are only knock-offs and nobody likes them. When the new ones come, they'll be twice as expensive.
I was looking at a glass tabletop for a wine barrel. The one I bought before was not available and I looked for more. I ended up getting a bit bigger and thicker - 32 inches. When I looked at the 30" from the same company, it was twice as expensive. They are clearing the old stock at the old price (no gouging), and pricing the new at twice. They are probably keeping the same margin, all the inputs are twice as much.
I've run into this all over the place. Cars will come out eventually at twice the price. I lived through the 70's and it wasn't like this, but they had to jump the interest rates to 20%. The central banks will start jumping at 1% per call, but this won't be enough. Maybe they'll decrease the time between interest rate rises. I'm thinking it should be 1% per month.
Don't hoard, but start buying some things for 6 months use, and I think that will pay for itself, if you have the space. Cooking oil is one thing. Paper products should be good because lumber prices will dive due to the lack of houses being built. Cheap drones from China are going down in price. The baby formula thing is in the US only. Dog food is probably good.