My feeling is that we have been in an immensely inflationary regimen in many ways for a long time. We see that in the money supply, and we see it in the credit market and the capital markets in general -- too much cheap capital. This manifests in many unhealthy ways.
The core problem is that we have been playing games to hide inflation. Outsourcing has allowed us to hide the general inflation of almost all sectors with deflation in electronics and consumer goods. Lax antitrust and "consumer rights" has pushed heavy discounting and loss-leading into the forefront, which means that plentiful capital can cause prices to appear low by shifting them to other sectors.
If we enact important policy changes to antitrust, trade, labor, and climate, there will be inevitable increases in prices, because there's a reason that we're buying all of our consumer goods from China. Hedge funds and private equity and investment banks have huge amounts of capital from loose monetary policy, and they use that to create situations that drive down prices and drive up equity prices, which they unload on huge index funds with consumer funds driven by vast government incentives, and once they manipulate the price up high enough the mark-to-market of their holdings unlocks the ability to access even more capital for this cycle.
Teams of economists work constantly to ensure that our macroeconomic metrics balance out so that we get increasingly useless measures of "productivity" or "GDP" or frankly even "inflation". All we are seeing now is that we are running out of ways to hide inflation.