Can you explain it to me because I'd love to know more. My base assumption is if the US had a spike in food prices would they not dramatically increase interest rates, until food prices deflated?

Rising rates would then drop their current asset bubble due to a contraction in money supply. Hence it could be seen not to be as much a tax as it would be a large amount of pain for existing asset holders who hold nominally valued assets, which would mainly be the rich?

Another assumption I'd make is higher inflation would also lead to a lower unemployment and greater wage pressure, due to the phillips curve?