Well, Austrians know it already began in massive form a couple of years back with the doubling of the monetary base. But inflation as defined by mainstream economics is of course a rise in prices. Austrians know rising prices are the result of monetary inflation.
Either way, the latest CPI showed a .7% increase. This of course must comes as relief to the Keynesians, the awful “spectre of deflation” perhaps over. But to those who save, produce, and invest, it is destruction.
I can attest, in anecdotal form, that from my last couple of trips to the grocery store, fruit and vegetable prices are increasing considerably.
So now, in addition to takeovers of the financial, automobile, and soon health care, massive tax increases to pay for it, draconian environmental regulations, all compounded by mountains of debt, it looks as if we’re going to be hit with hyperinflation on top of everything else.