it could be that those retiring are quite productive (e.g., old but experienced etc). Them retiring, but perhaps did not train an equivalent replacement (which

it could be that those retiring are quite productive (e.g., old but experienced etc). Them retiring, but perhaps did not train an equivalent replacement (which almost nobody does), and the firm hiring junior people, means that the total productivity drops. Therefore, if the demand for goods/services doesn't really drop (aka, that retirement money getting spent), but productivity does, it would point to inflation.