Similarly, we locked in our electricity price for 60 months. It would cost us less on a variable rate. However, prices can spike during peak demand. I unknowingly renewed right before fuel prices started climbing. The contract rate is a bit higher now. Like you, I expect that we will see an overall increase in the cost of goods and services. It doesn't make sense to have variable rates because it is unlikely our salaries will keep up.
Good move on the electricity lock - ours is heading up pretty fast at the moment, but thankfully it is summer and we don't need that much. Salaries are pretty well stagnant here.