What is interesting to me given what we have done is how much inflation we still don't have. Right now, the break even inflation rates were still higher in 2008 and 2005.
Of course we were always going to have a surge in the rate of change compared to a year ago when people were are on lockdown.
https://fred.stlouisfed.org/series/M2SL
"Velocity" as it's called dropped in 2020, but once trading picks up again what happens to all those dollars?
Edit: here's the M1, even more striking: https://fred.stlouisfed.org/series/M1SL
* https://fredblog.stlouisfed.org/2021/01/whats-behind-the-rec...
(M2 includes M1, IIRC.)
They go back where they came from.
The Fed giveth, the Fed taketh away.
When deflation and unemployment are the concerns, you get the gas pedal pushed and easy money policies. When inflation is a concern instead, they hit the breal and you get tight money policies.
You can probably cherry-pick a few items that went down in price, but the overall trend is crystal clear.