Wholesale prices are up nearly 10% over the past year.

The Labor Department released new numbers for January on Tuesday.

Wholesale prices rose 1% from December to January, but 9.7% from January 2021 to January 2022.

Prices for goods increased more than prices for services.

Final demand energy prices rose 2.5% in January.

Food had an increase of 1.6%.

Supply chain disruptions, labor shortages, other pandemic-related issues have made it difficult for manufacturers to meet demand.

This has contributed a sharp increase in consumer prices.

The new numbers come as the Federal Reserve plans to raise interest rates in March.

Citi economists expect a 50-basis-point hike.

With Thanksgiving now behind us, the holiday shopping season is officially in full swing.

Black Friday, Small Business Saturday and Cyber Monday deals are helping families cash in on discounted gifts.

While the rush of business is greatly needed by smaller businesses that were impacted by last year's COVID-19 shutdowns, many say supply may not be able to keep up.

Greenhaven Ace Hardware in California has been locally owned since 1976.

Nicholas Dellos, the store's manager, said business so far this holiday shopping weekend has doubled its usual amount.

The shop ordered its holiday items back in January 2020. Almost a year later, they're still waiting for some product to arrive.

"Normally we have a lot more variety here," Dellos said while walking past the holiday lights section. "Lots of different types of lights that we just weren't able to get this year."

Supply chain issues and back-ups at California ports are raising prices, too.

"Everything's gone up 30 percent or more," Dellos explained. "It's unreal."

Whether you need lights, tree stands, Santa hats or extension cords, you can find them at most hardware stores.

Dellos' advice to those hoping to deck the halls of their home? Don't wait. Demand is high and there's "not enough supply to keep up."

Gregg Jones agrees.

He owns "Chad's Christmas Trees" at the Greenhaven Plaza Shopping Center in California and has been in business for eight years.

"This year has been a challenge for sure," he said.

With demand up, supply down and shipping prices on the rise due to supply chain delays, Christmas trees have a higher price tag this year.

He said silvertip trees, which many refer to as "Charlie Brown trees," are up about 15%.

"We try to do what we can to make it fair for everybody, but the costs go up," he said. "There's not much we can do."

He said customers should consider buying their tree earlier this season due to low inventory. Larger trees are more in demand, as well.

Watch the full story in the video above.

It's all-over social media right now: forget about shortages of school lunch items. Now everyone is starting to worry about Thanksgiving food shortages.

So what is really in short supply?

Let’s start with the granddaddy of Thanksgiving feasts, the centerpiece for every table: the turkey.

Grocery supply chain expert Pedro Reyes says the problem is there are not enough laborers to process the turkeys.

"The good news," he said, "is there are plenty of turkeys out there. The bad news is the logistics of getting it from the farm to the production or process to the grocery store is where we may see a struggle.

This also rings true for dairy and eggs.

Unfortunately, we may not only see some shortages but also price increases, he says. Eggs are already sharply higher than they were two years ago.

"Well, the chickens, they produce so many eggs per day," Reyes explained. "But if they can't be processed forward, then they have to be thrown away."

Kerry Byrne leads one of the nation's largest logistics companies, Total Quality Logistics.

"Every component of the supply chain is stressed right now due to consumer demand, pent-up consumer demand, and a shortage of labor," Byrne said.

Meanwhile, Reyes warns produce is the next big thing that could be hard to find.

"If you're into cranberry sauce," he said, "I don't want to start a panic, but you probably want to get that now."

And good grief: there could be another great pumpkin shortage.

Yes, just like 2020, pumpkins are in short supply thanks to a fungus.

Lastly, thanks to overseas shipping issues and a glass bottle shortage, you may want to stock up now on holiday liquor if you'll want that cocktail to calm your shopping nerves…

"The import liquor is going to be a problem," Reyes said.

Don't expect a holiday miracle

Kerry Byrne is warning shoppers not to expect a holiday season miracle. "I don’t see things getting better any time soon, because there is simply too much backlog of inventory," he said.

Supply-side experts say your best bet it to grab a couple of non-perishable items when you see them at the grocery store, and not wait until the weekend before Thanksgiving Day.

The bottom line: buying some of these items early avoids price hikes, and stress, later so you don't waste your money.

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Surging shopper demand coupled with shipping container shortages and bottlenecks at ports has already triggered a tighter supply of products, from cars to shoes.

In particular, some of America's biggest sellers of clothing and shoes cite one catalyst that has compounded the pressure: factory closures in Vietnam stemming from a second wave of the coronavirus outbreak there. That's led brands from PacSun to Nike to warn about the effects on their supply.

In late December, Nike cut its full-year sales outlook due to supply chain issues, despite its CEO noting strong consumer demand.

Nike makes about three-quarters of its shoes in Southeast Asia, with 51% and 24% of manufacturing in Vietnam and Indonesia respectively.

But as the Vietnam government-imposed pandemic-related restrictions, including a mandatory shutdown of factories for several weeks from July into September, Nike said it incurred 10 weeks of lost production.

Even when factories start to reopen, which the company expects to happen in phases beginning in October, ramping up to full production could take several months, Nike's chief financial officer Matthew Friend said in a recent earnings call. Half of Nike's clothing factories in Vietnam are currently closed, company executives said during that call.

Vietnam accounts for a third of sports brand Under Armour's footwear and clothing production. Under Armour's CEO Patrik Frisk said during its most recent earnings call in August that it was closely monitoring the impact of factory shutdowns there on its supply chain there, calling it a "developing situation."

Ugg, Coach and Michael Kors have exposure

Vietnam is a crucial supplier to the U.S. in particular for apparel and footwear.

"It's a very big partner of the United States. It's our second-largest source of apparel and footwear," said Steve Lamar, president and CEO of the American Apparel and Footwear Association, an industry group. China is the largest supplier of clothing and shoes, according to the AAFA.

In July, Vietnam was caught in the throes of a coronavirus outbreak caused by a suspected new variant of the virus, which Vietnam's health minister said led to a fast spread of new infections in the nation's industrial zones.

The government subsequently imposed strict lockdowns and temporarily shut factories there until mid-August, then extended it into September. Some factories are still closed.

All of this means that production for everything from sneakers and sandals to jeans, dresses, T-shirts, jackets and more are stalled.

In a research note last month, BITG analyst Camilo Lyon said athletic footwear brands such as Nike and Adidas are most at risk of having serious supply chain disruptions because "Vietnam has served as a strong manufacturing alternative to China in recent years."

Other brands that have significant manufacturing exposure to Vietnam, he said, include Ugg maker Deckers Outdoor, Columbia Sportswear, Coach parent Tapestry and Capri Holdings (which owns the Michael Kors brand).

Lyon estimates it may take five to six months for factories in Vietnam to be back up and running normally when the lockdown ends. And whenever they do come back online, he anticipates another issue: staffing.

"Vietnamese factories will also likely have trouble getting workers to come back to work post-lockdown," he said.

Teen retailer PacSun is expecting an impact on the holiday season.

Brieane Olson, president of PacSun, said in an interview in August with CNNBusiness that about 10% of its goods are sourced from Vietnam.

Olson said the retailer was already dealing with a two-to-four-week delay for its back-to-school inventory this year because of the ongoing global supply chain delays.

Now, she said, new products for the winter and holiday season are likely to also face another four-week delay, she said, making it a challenge to get new fashions and styles in jeans, tops, sweaters and sweatshirts into stores in a timely manner.

And there's an additional effect on the consumer, Olson said: Having less product means the retailer will pull back on discounts "because there is no need for it," she said.

From lettuce to basil, where some of your food comes from could be changing. Indoor vertical farming is gaining traction in the food industry.

“Today we’re at our research and development facility,” Henry Sztul, the chief science officer at Bowery Farming, said.

From seed… "we’re constantly experimenting with different types of seeds,” he said. To germination flats put in a chamber for a few days, to their final home for growing. “What we look for are the leaves starting to be more fully developed.”

The process takes about a month.

“It’s a 25, 30-day grow cycle for the plant, from seed to shelf,” Katie Seawell, the chief commercial officer at Bowery Farming, said.

It’s an efficient process and this facility only shows a small portion of what they are growing

“We are building local indoor smart farms close to the cities that we operate,” Seawell said. She said they are re-imagining agriculture, and controlling every aspect of the growing process.

“We are not susceptible to some of the external variables or factors that can disrupt the supply chain or the growing process for crops,” she explained. “The ability for the current food system to pivot with agility to meet market demand based on market disruption is very, very limited.”

It’s a problem we saw during the pandemic. Disruptions in the food supply chain and transportation, leasing to rotting piles of unsold produce in some states and food shortages in others.

“What kind of opportunities did the pandemic present, I think one of those is food security,” Joshua Craver, an assistant professor of controlled environment horticulture at Colorado State University, said.

However, Craver said this indoor vertical farming isn’t an ideal solution for every crop.

“There are some crops that just don't make a lot of sense in a controlled environment setting...those range from grain crops or orchard crops,” he said.

Another downfall is the lighting needed. “We typically use a lot more energy to grow our crops in vertical farms that we do compared to fields, or even greenhouse production,” AJ Both, a professor at Rutgers University School of Environmental and Biological Sciences, said. Both does research in plant lighting.

“I think that's an area where we still need to do a lot of work, to try to help the vertical farming industry become even more efficient,” he said.

However, control of lighting does have benefits as well, as it gives growers more control over crop growth, all while taking up less space.

“The benefits of that, of course, are that you can grow a lot more plants on the same footprint,” Both said.

“We are taking non-arable land and transforming it into highly productive farms,” Seawell said.

While it may not be the ideal solution for every crop right now, Craver said it’s a valuable addition to the food industry.

“A lot of the ways I like to describe controlled environments and vertical farming is being another tool in our toolbox,” he said.

Back at Bowery, they are continuing to experiment with new crops and provide fresh food for those at a cost comparable to organic foods.

“As we scale…we will want to compete not only at a premium price point but against traditional agriculture prices as well,” Seawell said.

They currently have 13 products in the marketplace, and the capability to grow 365 days a year.

“It’s an incredibly exciting time to be in this space and I think there's real recognition that we have to think differently about how we build resilience and strengthen our local and regional food supply systems. We don't believe we’re the only answer to that, but we believe we are a part, a critical part of that answer.”