What is the relationship there? Pensions weren't yet privatised when this happened to pensioners in ex-communist states. Methinks this has more to do with the model of retirement funds as a pot of lifetime savings, whether private or state-run.

And the short-term solution to imported inflation - interest rate hikes or austerity in order to improve (or defend) your terms of trade with RoW - works at cross purposes with the industrial policy required to reduce your import dependencies.

Does that apply to basic food items and heating fuel?

Let me add a third problem I see with the inflation narrative: on the side of wealthy people. What inflation eats away at is the value of their assets. If they can decouple at least a good part of their income from asset prices and keep their assets (bee it gold or stocks in companies not going bust or means of production), then they don't loose anything physical, and the value of those assets will rebound in the next rally. I imagine this is not something that can't be countered with some nice taxes on wealth, but don't you agree that the rich don't automatically suffer the inflation route?

_{*Lunatic*, n.
One whose delusions are out of fashion.}