Inflation won't be a problem for a long time. There is allot of slack in the labor market. The article states there are about 10 million people in the UK who would like a new job. That is a small fraction of the hundreds of millions in the rest of world who are looking for work. Until a nearly all of them have a good job, wages will stay low. Eventually there will be more jobs than people who want them, in 50 years or so. Our current monetary system won't work in that world, but I will be too old to care.