Steve Hanke, an economist at Johns Hopkins, took Dorsey to task for his tweet, saying, “There have been 62 certified hyperinflations in world history. At present, no country is experiencing hyperinflation. ... Hyperinflation is when the price of goods and services increase uncontrollably for a sustained period of time.

Why havent we seen hyperinflation?

So part of the reason we haven't seen hyperinflation is that the majority of the inflation has flowed into what people consider “good inflation” i.e. the price of their investments like the stock market and their house. ... Another reason that prices for commodities not increasing in price that fast is Amazon/China.

Will we see inflation in 2021?

The next PCE report is on Friday. Just 10 months ago, the Fed was expecting inflation to average just 1.8% in 2021. A separate and more widely known inflation barometer, the consumer price index, shows inflation cresting at an even higher 5.3% yearly pace.