Prices of consumer goods like milk, meat, precious metals, etc. are steadily rising because of the logistical challenges in 2020 caused by COVID-19, yet more people are finding themselves unemployed or with stagnant wages. This means less people can afford daily goods.

This is similar to the most prominent time stagflation occurred back in the 1970's when the supply shortage of oil, caused consumer goods prices to rise, along with unemployment. Rendering the dollar 50% less valuable relative to the Deutschmark and the Japanese Yen, until the Federal Reserve raised interest rates on money by 20%, slowing inflation of the dollar and slowly lowering unemployment.