Absolutely. Inflation is systemic - aging populations pay more to compete for limited labor and services, and every country is aging at the same time.

To truly keep prices within 2% YoY, they'd have to raise rates so high that the assets held by elderly get curb stomped to oblivion, and now you have a whole set of new problems.

The other alternative is a technological revolution that frees everyone up to do the in-person things driving cost hikes, and frees them to plug the holes forming (due to many factors) in the international trade system.

I don't see an alternative where the not-working, elderly, and needy come out ahead here, even best case is a lesser form of bad.