Market Insider

Why stocks may be sniffing out inflation

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Hooker Furniture said rising leather costs forced it to raise prices last quarter. Yum! Brands talked about higher-than-expected commodity inflation, and therefore, higher menu prices. Lighting company Acuity Brands said prices of some of the commodities it uses are rising and some are not, but the Georgia-based company said it's feeling the impact of higher health-care and wage costs.

All told, the management discussions this earnings season are providing a glimpse at what some analysts say the market may be quietly sniffing out—a higher rate of inflation.

"We're not talking about high inflation. We're just talking about higher inflation," said Peter Boockvar, chief market analyst with the Lindsey Group. "You saw Chipotle talking about food costs, hurting their margins and they had to raise prices."