Hot milk: what rising prices tell us about inflation

Do you know what a pint of milk costs? It’s a question designed to catch out out-of-touch celebrities and politicians. In these times of inflationary froth, central bankers — and therefore markets — might want to pay attention, too.

Prices for milk, one of the most of basic of commodities, are surging. That matters not only for shoppers, but for those of us after a sign of how sticky inflation will be.

Milk has traditionally…