I have heard casual commentators insinuate a number of times that as long as the recent spike in commodity prices does not translate in to corresponding or similar changes in the level of wages paid generally in the economy, we don't have to worry about inflation.
Am I the only one that thinks it takes an extremely dense mentality to actually believe this?
At least, in the case where wages tend to catch up with the rise in the prices for goods and services, workers can strive towards maintaining a semblance of their current standard of living. (...nevermind those on fixed incomes) Although, because the wage increase necessarily follows an increase in the prices for goods, they are in that time differential (viz., the time between an increase in the price of the good they buy and the time of the corresponding increase in their wage) further impoverished.
But a case where only the prices of goods and services increase, while wages stagnate is wholly impoverishing. There is no mitigating effect, even for wage earners! Why is such a situation preferable?