Inflation 8.5% YoY in US, highest since 1981

For the Consumer Price Index

(However, some say in core inflation, US came in below estimates, which means some of inflation could be decelerating [not gas or food, which is highly effected by Ukraine].)

There were record increases in wages published recently, but adjusted for inflation we see it hasn't kept up, being down 2 or 3 percent when inflation is factored in.
There's also a question that big companies are accepting a degree of profit margin pressure, taking the loss and not passing it on to the consumer.

The market went up the morning this was put out though. Analysts thinking there might have been an even higher whisper number.

Republicans say part of the issue might be benefits programs ('lavish' unemployment benefits, health care, and a child tax credit no longer tied to work), which might have exacerbated the worker shortage. No incentive / "almost a denial" for workers to drive workers back to work (stimulus). Also that the president talking about higher tax rates all the time inhibits business investment. Places like Brazil lowering their tax rates to combat inflation.