Commentary  If you had to describe last year using only a single word, for most people the world they’d choose would probably be “shortages.” Everything from new cars to chicken tenders seemed to be in short supply. There were the not-infrequent social media outbursts flooding people’s screens with images of bare grocery store shelves, the search-term #emtpyshelvesBiden repeatedly trending. This snapshot of life in 2021 America was equally consistent with the way in which overall consumer prices performed. The cost of living, the amount Americans paid for pretty much everything shot up last year. Basic economics, when goods are hard to come by their price will rise; the harder it is to find whatever, the more whatever will cost. Contrary to popular belief, this doesn’t necessarily count as inflation. There are various reasons why consumer prices might be rising, including the supply squeeze or shock scenario we’re all still trying …