I am not an economist. Even so I will share some thoughts regarding inflation. Consider money supply. The 1% have a lot of money. More than 50 million Americans have less than one-half of one percent of the national income. The rich own the media, Wall Street and have appointees in the Federal Reserve, U.S. Treasury, Too Big to Fail Banks and the International Monetary Fund; they control money supply. Inflation can be generated whenever they deem it useful for political control or to influence political opinion. Their tight or easy money policies can increase or reduce inflation too (including domestic investment).
The Big Banks were loaned trillions at zero % interest after the 2008–9 derivatives and banking crash. For each dollar loaned to them and held they could loan out five electronic dollars created from nothing. In effect the big banks could electronically mint their own money by the trillions. The poor on the other hand, encounter prices with their 1/2 of 1% national income that fluctuate a little-really a very tiny fraction of the total national money supply, and the corporate owned media sensationalize that to spin it whatever way is required to gain the desired political control.
The political economy of uncreative citizens with a lot of money led by politicians that are uncreative too- and seek primarily to expand government to neo-socialism is ponderous. Without a physical commodity like gold to base the value of a dollar on, and the value of a dollar tied to physical capital infrastructure, production and good will, the role of foreign and domestic investment on the value of a dollar is substantial. It is worthwhile for those seeking to expand medicare for all to consider the problematic relation of the dollar to good will and expansion. Providing health service from the government directly to the nation’s poor through an expanded V.A. and Homeless care network would reduce its exposure to inflation by the trillions.
International investment and production policy matters tremendously concerning inflation. Consider the Tesla for example. Warren Buffet recently spoke critically of Tesla. Warren Buffet is invested in a Chinese electric car manufacturer; a rival. They will want to export Chinese electric cars to the United States (I believe one plans to do so next year). The cost of electric cars in the United States, and of Tesla in particular, will be impacted by the foreign trade and tariff policies of the United States and China. Elon Musk is incidentally building a very large Tesla factory in China- and I suppose the Chinese will want to own half, or 51% as they have required before a foreign corporation may establish in China.
Wal-mart claims to pay its employees 2x the national minimum wage of the United States while managers average $175,000 annually. One might buy canned corn sometimes for thirty cents.Poor Americans might buy some items cheaply and stretch their 1/2 of 1% far enough to live, while the prosperous and rich have more capital to buy into foreign nations and install profit making infrastructure. The rich get richer and the poor are more concerned about inflation in their little piece of the pie.
Plainly national and international policy including trade policies could be moderated in most circumstances for the rich to eat inflation rather than the poor. That’s just the way it is. Presently the poor are experiencing ecological inflationary policies too. The environment globally is paying for the rising cost by shrinkage. That is the environment pays the bill for unsustainable economic practice and can do so until it has had its ecobank reserves exhausted. Then the poor experience the ecological inflationary prices as toxic, crowded, over-heated, and paved.