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I hope people realize that when monthly inflation numbers are released those are annualized.

So the 8.5% inflation rate in March is actually 1.085^(1/12) = 0.7% for March, and 8.5% assuming that same rate lasted for 12 consecutive months.

In 2021, the CPI-U was 4.7% for all of 2021.

Ok, but the cumulative inflation rate since January 2020 is still around 11%

$1 in January 2020 is worth $1.11 today

It is, but that's also over 2 years and 4 months, so an annualized inflation rate of ~4.6%, which my salary didn't keep up with, but only barely.

I don't disagree that inflation is overtaking wage increases, just that the magnitude isn't that large....yet.