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I don't know, but I think if you want to see where inflation is headed you should look at labor costs. Unless we see a corresponding increase in productivity(maybe from automation), I think prices will have to rise to compensate. Lots of things can transiently spike in price, like energy or raw materials, and you can eat those increases by taking less profits if you don't have the pricing power, but once labor costs go up it seems you are stuck with them.

If those labor costs drive the price of goods and services beyond some psychological tipping point, you then have more demands for higher wages, at least until those start to get rejected and we find a new zone of relative pricing stability.

I'm not arguing for hyperinflation or anything, but I don't think we'll see the price increases of the last year go away. If you're like me and had your assets in cash, well, a good percentage of that buying power is gone and not coming back.