Today's US gas price is about $4/gal [0], about 15% up on 2011[1], or about 1% per year.
That doesn't sound like rampant inflation, it does sound like a market correction.
Now in reality gas prices globally is high because of Ukraine and Russia, which hides the massive gas deflation over the last decade, but if 2011 businesses could afford gas at $3.50, I'm not sure why 2022 businesses can't afford it at $4. Wages are up about 30% in the same time period (well by 2020) [2]
That doesn't sound like rampant inflation, it does sound like a market correction.
Now in reality gas prices globally is high because of Ukraine and Russia, which hides the massive gas deflation over the last decade, but if 2011 businesses could afford gas at $3.50, I'm not sure why 2022 businesses can't afford it at $4. Wages are up about 30% in the same time period (well by 2020) [2]
[0] https://gasprices.aaa.com/
[1] https://business.time.com/2011/12/20/2011-is-priciest-year-e...
[2] https://www.ssa.gov/oact/cola/awidevelop.html