> Remember that the inflation that we are talking about is that with regard to consumer prices, which is often related to wages.

Or we can use the traditional definition for inflation, the increase in monetary supply not an increase in price. Monetary inflation is very real in 2020 and 2021. A global increase in prices is a potential consequence of monetary inflation but it’s not mandatory. Monetary inflation is always bad from an economics perpective and always ends badly. We always try to forgo lessons from the past but this is very economy 101.