We’re not even close. Especially since we haven’t seen any real, sustainable increases in the Producer Price Index (PPI) or the Consumer Price Index (CPI). Indeed, the European Central Bank leaders (along with the Fed) have been throwing everything they possibly can at inflation, and it doesn’t seem to move. The only thing that will move it is sustainable, global GDP growth.
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Growth may cause price increases, but it doesn’t cause inflation. Inflation is caused by devaluation of the currency.
The definition of inflation is to many dollars chasing to few goods. Econ 101.