The Bureau of Labor Statistics reported that the rate of inflation rose to 8.6% in May, the latest high in a period of rapid growth in prices following the COVID-19 recession in March 2020. Indeed, inflation is now higher than it has been in the past 40 years.
They purposely are allowing it to get out of hand to discipline the labor market. That’s my belief. They can get economics to work, when it benefits the elite.
Inflation has always been “good” (i.e. for the rich) up to a point. Low interest rates with the Fed and it’s policy of quantitative easing makes it even more difficult for the working class to save money in the US - given the absolute meager state of social security and other methods in place to support the working class under capitalism - but it’s nothing but a boon for corporations as more money and higher prices means better profits.