QE elevated the prices of land (l) and real estate (r) as well as specific commodities (m) such as food and energy products directly impact variable cost items (vc) and fixed costs (fc) or overheads.

The l and r factors represent rents and prices of land, apartments and houses, offices, retail units, industrial units and warehouses. The speculative price rises generated by QE over a decade to primary inflation in goods and services can be seen in the illustrated identity below: