The Consumer Price Index has hit a five year high, driven by the high cost of fuel oil, gasoline, natural gas, and electricity. The CPI rose 3.4 percent last year, which is the fastest rate increase since 2000.
Keep in mind that many contracts have CPI kickers filed away in the small print. Some suppliers often use the CPI, and its cousin, the PPI (Producer Price Index) as inflation checks just in case the economy gets out of whack. They are often not acted on, as the CPI has behaved in the past several years.
Best to review any pricing triggers in your contracts. Many don't, as they don't want to wake a sleeping tiger. But I feel it is best to head these potential price increases off at the pass.