If you have savings in a current or savings bank account, then inflation erodes the value of those savings. But inflation was doing that before at a 2 % rate an

If you have savings in a current or savings bank account, then inflation erodes the value of those savings. But inflation was doing that before at a 2 % rate anyway, bank interest on savings is well below inflation rate. So most people actually have their savings in index funds or stocks, and as long as the economy is growing, so are their savings. On the other hand, debts are denominated on "the coin of the day", so inflation erodes the value of debts. Say, in the last year, I "paid" 10% of my mortgage because of inflation, even if my real income decreased 10%. I can go to my employer and threaten them with getting a new job if they don't increase my salary, or get a new job period. But the central bank doesn't want me to do that; instead they want those at the bottom to absorb the shock while those at the top adjust themselves for inflation freely. Time will tell. In some parts of Europe, workers are highly unionized, and collective bargaining is a thing. Then it's a matter of ideological warfare: workers need to believe they are being affected and press the unions to press their employers and ultimately the government.