PepsiCo nails it: “We’re seeing inflation in our business across many of our raw ingredients & some of our inputs in labor and freight and everything else...Is there somewhat more inflation out there? There is. Are we going to be pricing to deal with it? We certainly are” - CFO
When people tell you that "inflation is transitory," they are referring to the fact that prices won't continue to accelerate at a faster rate in the future. They forget to mention that the current price increases are permanent. Businesses won't drop prices in the future.