I dont call what they call it. We are seeing shortages drive prices up. And they are way up
It’s an important distinction in how you should deal with it.
If your money is being debased by monetary inflation it pays for you to borrow all that you can and to invest in hard assets. That was the wisdom of the 70s.
If food prices are going up due to increased demand from China and India and the diversion of grain to fuel production we are all going to need to plant gardens and raise chickens.