Much of the available data is only pointing to inflation being on the order of 2.5% in the coming years. This is hardly the runaway inflation scenario many are predicting and is close to the target inflation rate of 2%.

https://fred.stlouisfed.org/series/T5YIFR

https://www.clevelandfed.org/our-research/indicators-and-dat...

Yes, some things (housing, lumber, used cars, etc.) are experiencing quick increases in price. Some are saying this is a sign of runaway inflation. Many others are saying these price increases are a result of pandemic related supply/demand issues and temporary shocks to supply chains.

You didn’t answer my question.

I'll be convinced there is a serious inflation problem if broad-based measures show inflation >3% in 12 months time. In the meantime, a lot of the price increases cited by individuals seem to be related to pandemic-caused supply chain issues, which will hopefully be worked out within the next 12 months.

Well that threshold just got beat way before your 12 month timeframe.