Inflation around 2-4% is normal (as far as capitalist economies go) and there's generally no economic growth without some inflation. What we are seeing now is higher than that, but the problem is not inflation per se but that it's looking like stagflation: inflation high, economy doesnt grow (returns on capital investments were super low even before this shit show so everyone is speculating on the financial markets instead of building factories, and, as the result, a third feature of stagflation:), relatively high unemployment. This isn't looking like a temporary inflation bump anymore, more like the 70s.