The Iranian backed Houthis' attack on shipping is causing many international shippers to circumvent the Red Sea for longer and more expensive routes. The extra shipping cost will be passed on to consumers. So if you think that inflation has been bad in the past, it is likely to flare up again and could be worse. My prediction is that the Fed will not be able to cut interest rates in 2024 as they have indicated. The recent downturn in the markets reflect this also.