He's also ignoring how the substitution effect, which normally serves to tamp down realized inflation as folks change the composition of the basket of goods and

He's also ignoring how the substitution effect, which normally serves to tamp down realized inflation as folks change the composition of the basket of goods and services they consume, is not applicable or less applicable to most of the red lines (food, housing, medical care). On a long enough timeline if food and housing prices keep outpacing other prices, the proportion of consumer money devoted to such items will trend towards 100%. And if the basket is 100% stuff that keeps quickly going up in price, then CPI is also quickly going up in price (ipso fact).