Inflation is a rate of change, not an absolute change. When people say inflation is transitory, they mean that the rate of change is transitory (prices will stop going up). But the inflation that has occurred will not go away. You will not pay less when the inflation subsides. You will merely stop paying more.
This is what happens when you print $5T and refuse to let the economy go through any sort of healthy contraction.
How big chunk chips are of the median consumer's basket? Sure, everyone and their dog has smartphones, but not everyone has to buy the next-gen high-end ones. (Where the price increase happens.)
The inflation has been there for a while now; wages have been artificially depressed for decades while the stock market was growing 15% a year. But when there’s inflation for the rich we call it an “asset bubble”.
