It is interesting to note how Google’s Ngram Viewer displays the popularity of the word inflation in written media. The increase in writing about inflation even pre-dated the 1979 OPEC oil price shock!
As an aside, what really matters, purchasing power was written about a lot during the Great Depression but has been on the decline ever since.
I have nothing to say about Graeme Wheeler’s comments on exchange rate intervention. But the Reserve Bank of New Zealand has intervened before and talking down the likelihood of intervention doesn’t mean that they won’t have their hand forced by a three headed hydra of NZ First, Greens and Labour.