If you think inflation is already blistering hot -  as most companies and survey respondents clearly do - and the worst-case been largely priced in, with little inflationary upside left, think again.

As Bloomberg notes, last week saw the Bloomberg Agriculture Spot Index rise by the most in almost nine years, to extend the stellar rally seen since last August.

Due to the lag between ag costs and finished food prices, the latter are about to soar. And since food is a large component of CPI baskets in Asia, Bloomberg warns that "this large inflationary impulse in the region that houses more than half the world’s population should result in higher wage costs in the factory base of the world. As CPI and PPI rise in Asia, it will feed through globally in the months ahead."

Think "Arab Spring" (which sparked a domino effect of revolutions in North Africa and the Middle East due to soaring food prices) only in Asia this time... and on steroids. And then read what Albert Edwards wrote in December when he explained why he is "Starting To Panic About Soaring Food Prices."