———we have big time inflation right now———
I would argue the inflation is not uniform nor universal and thus not yet big time. Gold has stopped rising and the presently rising prices for oil and food are lagging the $ devaluation that is represented by the rise in the price of gold.
When the wage inflation begins, as it eventually will, then the inflation will be big time. Wage inflation in the current economy will be the ultimate lagging inflation indicator.
It is unclear to me how to assess and compare the inflation component of GDP growth. It would seem that some portion of the miniscule GDP growth is actually inflation and not real growth.