And a lot of inflation is wages.

So when you talk about upward/downward pressure on wages, you can't discount inflation, because inflation is wages and the product of that upward/downward pressure.

You can talk about real wages.

It wasn't? The majority of that inflation, certainly in the EU, was energy and profit taking in uncompetitive markets, the result of decades of failed anti-trust?

This stuff is researched these days, we don't need to repeat 1930s tropes.