Very true. And what follows is folks asking for higher wages to compensate. Thus resulting in the wage-price spiral. Something we really, really want to avoid.
Policy makers are worried about this already. The Bank of International Settlement put out this paper is from May 2022. (It’s the kind of stuff people who misuse words like “transitory” read.)
It doesn’t say wage-price spiral is here, but notes that conditions seem to be aligning in the US for it to potentially happen.