So... none of that is correct. "Inflation" is a growth exponent, not an absolute measure of prices. No one ever promised "prices would come down", because tha

So... none of that is correct. "Inflation" is a growth exponent, not an absolute measure of prices. No one ever promised "prices would come down", because that would be deflation (a negative exponent). Inflation is just a rescaling. Everyone loves to say it's not, but it is. Prices are higher and wages are higher and assets values are higher. It all happens together, though not in perfect lockstep. If people wanted to complain about real (where "real" means "inflation-corrected") wages falling, they would be screaming about it, because that would be terrible. Except that real wages are INCREASING and have been pretty steadily all through the inflation burst.