From a street level point of view and forgetting all the fancy pants definitions of what infllation is. What are you seeing with peoples incomes? All I can see is pay freezes, bonus cancellations, salary drops in the construction sector. I wouldnt be looking for the hyperinflation play until I see a change in this, its is not possible to have a hyperinflation if the top line is fixed or falling.

But agree the consumer is not seeing big savings either whuch implies I guess that people will buy less "stuff" escpecially if in the US credit cards are the next thing to go in the chipper