Avoiding worker revolt is the point. If the inflation is bad enough, workers feel pain, demand wage increases. So far inflation has been low, wage increases low

Avoiding worker revolt is the point. If the inflation is bad enough, workers feel pain, demand wage increases. So far inflation has been low, wage increases low and thus cancel each other out (June wage increase 2.7%, May inflation 2.7%). But from a business standpoint, no point in increasing wages above inflation until workers revolt. So what's needed is a healthy dose of inflation to get workers to revolt, and make business compete for workers by taking the risk, instead of hoarding, and paying more. Businesses and their shareholders have had it really good compared to workers, because workers have been docile and shareholders have been there to scoop of the profits that workers refuse to fight for.