Procter & Gamble became the latest company to announce it will raise its prices in September to respond to higher commodity costs, joining consumer giants like Kimberly-Clark, Smuckers, Coca-Cola and a host of others.Why it matters: Fed chair Jerome Powell and other top economists have all but decried that inflation is anchored and will not rise materially going forward, but a consistent drumbeat of price hikes from major companies, consumer reports and market data suggest the world may not be going along with their conclusion.Get market news worthy of your time with Axios Markets. Subscribe for free.What's happening: Major brands have rolled out price hikes consistently over the course of the year, along with notable increases in the price of cars, construction, furniture and the cost of gas that are starting to show signs of staying power.The supply chain disruption that has pushed U.S. automakers like Ford and GM to close plants this year and pushed up prices for semicondu