US inflation is above 6% and Jay Powell has retired the term ‘transitory’ as a description of price pressures. The current overshoot has largely been driven by inflation in goods, following a big shift in consumption patterns during the pandemic. If virus fears recede next year, as is our base case, consumption should rotate toward services, which should ease pressure on goods prices and raise it on services. However, there are two ways that services providers, such as restaurants, can…