evidence: Now, inflation is flashing red for the Federal Reserve’s policymakers — and delivering sticker shock to Americans at the used car lot, the supermarket, the gas station, the rental office. [...] Bacon prices are up nearly 19% from a year ago, men’s coats and suits nearly 11%, living and dining room furniture more than 17%. Renting a car will cost you 36% more, on average, than it did in December 2020. "Prices are increasing broadly throughout the economy, and the Federal Reserve has been caught off-guard by the extent of inflation,’' said Gus Faucher, chief economist at PNC Financial.