Gas prices, in my area, have gone up from $3.05 to $3.55 (HESS closing refinery doesn't help) in the last 3-4 weeks. Last year's draught will push up processed foods and meat prices this year. I don't think it will show up in Jan's numbers (CPI and PPI), but will show up in Feb numbers that will come out in mid-March. Headline will get above-the 2.5% the area the FED is concerned about-more likely over 3%. Could set up a "scare" that QE will end early.
Stocks high, I'm in no hurry to buy. This market needs 2-3 months of consolidation.
Gold/silver related stocks are headed lower. That tells me it would be a classic time to buy if one was concerned with a bout of inflation. Even a scare will move prices up. The real deal inflation remains a bit further in the future in my estimation - but it's on the way.