I’d say it seems to people we have high inflation because their wages and income have been stagnant in real terms for decades. Then in the last two years they have lost income while prices went a bit higher.
It isn’t the inflation, it’s the loss in income
It’s also the rise in energy prices, increasing costs across the board.The West is caught in a debt-deflationary spiral together with rising prices of real resources due to increased competition for resources from the EM’s. The East is caught in an inflationary spiral due to the West exporting capital since that is where the growth is, as well as higher interest rates on government securities.
There is too much leverage and to few real resources to support increasing global demand. The excess leverage in the West has exploded into debt-deflation, which imposition of austerity will exacerbate. The trend is in the direction of economic depression, resource scarcity, and eventually war, rather than increasing global prosperity.