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.
Planting a garden wont lower my energy costs.
I see $400 bucks a mo for AC coming this summer on a 1500 sq ft house with a new AC unit
One thing is actually going down.
Lumber. Thanks to the subprime debacle construction is dropping off.