As Americans we have been enjoying low inflation rates for a long time now, like maybe 30 years. In looking at the chart posted by Checkswrecks, my wages and investments easily outpaced the inflation rates. I believe the current inflation is being caused by opportunistic (greedy) manufactures, distributors and retailers looking to make up for their losses incurred during the pandemic. Another big reason is the trade war with China. I also believe the current inflation rates will be temporary and will get back to normal in the 2nd quarter of 2022.
Here in Wisconsin, I am just not seeing the big price increases. Gas (87 octane 10% ethanol) is $2.85/gallon. Milk is $2.29/gallon. Boneless, skinless chicken breasts are $1.99/lb. Ground beef is $2.99-$4.99/lb. You can buy a ham for $.77/lb. Beer prices haven't changed much from pre pandemic levels. I recently bought a 55" LG TV for $400. Lumber prices that were sky high all summer are coming down. Housing prices are way up, though I believe this is a result of the low interest rates and lack of houses. I think this is also temporary.
The unemployment rate in Wisconsin is 3%. Almost every employer is hiring. Several area employers are offering $2000 signing bonuses on jobs that start at $20-$30/hour plus benefits from day 1 even more for skilled trades. All is not doom and gloom.