It's been going on a lot longer than that. Acutely, people are feeling the effects of the crazy money printing from the last 8 years, especially the covid bailouts. It hurts so bad because of the chart below; wages have effectively been falling since the 70's and now lots of people can only make ends meet during an artificial boom cycle created by massive amounts of money printing (which subsequently bites them). Remember that the chart is using rigged inflation numbers that don't actually represent the high cost of living, so the line looks flat instead of going downward.
This improved velocipede's patent has expired, in case you want to build one. https://patents.google.com/patent/US92528A/en
I draw, code, and make memes sometimes.