We are now seeing a squeeze in living standards as wages fail to keep up with inflation. This is why inflation has always been historically destructive to the middle classes.
I personally feel that the world is being incredibly naive about the desire for governments and banks to tame inflation. Inflation is a part of the plan, except that its the one part they can't openly admit to. They will happily run deeply negative real interest rates and let inflation run wild in order to inflate the national debt down to more manageable levels, while talking about being "tough on inflation".
Real wages will continue to be squeezed, and bond holders are going to get well and truly shafted.
Personally I have very little faith that inflation is going to be taken seriously enough until we have social discontent on a scale where the fear of raising materially interest rates to fight inflation is considerably less than the fear of dealing with the social and economic consequences of continuing to let high inflation go on.
It's amazing how relevant this video vy Milton Friedman still is today, 40 years later.
Even back then we understood the causes of inflation and how to cure it. It was only ever a question of political expediency that was never kept in check as it should have been.
https://youtu.be/jE7zxo61Xc8The video may seem dated when Friedman starts talking about the "price controls" that existed in that era and how they contribute to inflation.. whereas today we allow the market to work more freely. EXCEPT that it is perhaps even more relevant today as we have now moved on from wage and price ceilings, to a mass price control experiment where we go to extraordinary lenghths to control the single most important commodity in the economy - the price of money!!