Inflation is here, its all around you, its just a bit more evasive in the "basket of goods" the Fed picks and chooses to measure it.

The Fed wants inflations and they are getting inflation. They are cherry picking their data points regarding the CPI as to make it appear that the poor arent being smothered by it, but they are, and they can feel it when they go the doctor, pay their rent, invest for retirement, or try and send their children to college.

Supposed “consumer goods” are going to experience incredible inflation as wage rates rise, or rather, as this quasi-UBI gets extended. The primary reason inflation rates in the CPI has not gone up is because wages have remained low. I can look to data is states like Arizona, where the minimum wage went up 50% in five years to see the impact it has on consumer prices, particularly those in services that are labor intensive and can’t easily shed workers for squeeze more utility out of current employees. Food service comes to mind.