Biden inflation getting hard to ignore

 AP:

Gas prices are rising. Auto prices are soaring. Consumer goods companies are charging more for household basics like toilet paper, peanut butter and soft drinks.

All of which is resurrecting fears of an economic threat that has all but disappeared over the past generation: Runaway inflation. It occurs when prices for most goods and services not only rise but accelerate, making the cost of living steadily more expensive and shrinking the purchasing power of Americans' earnings and savings.

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In the past, rising inflation has usually led to higher pay as workers have demanded and received raises to keep pace. In fact, inflation can't really accelerate for long without sizable wage gains. Yet pay raises — if they do occur — typically lag behind price increases, thereby squeezing consumers at least temporarily. And eventually, pay gains themselves will fuel further inflation: Companies raise prices further to offset higher wages for their employees.

Some companies, including Amazon, have recently raised or said they plan to raise wages.

Not since the late 1960s and early '70s has the United States endured chronic high inflation, with consumer prices rising at or near double-digit percentages from one year to the next. In fact, the reverse has been true for about a decade: Inflation has remained persistently below the 2% annual target set by the Federal Reserve....
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The Biden administration appears surprised by the increased prices and has not indicated a plan to deal with it.  In fact, it plans to continue pumping more government dollars out which is likely to feed the inflation. 

See, also:

Consumer Prices See Largest Yearly Jump Since 2008 as Evidence of Inflation Mounts