There are many ways of computing inflation, but the universal metric is a mixture of PPI, CPI, CCI, and employment.

The PPI is the Producer Price Index and it is a measure of the costs producers are paying to deliver the products and services the sell. Another valid metric is the PMI - the Purchasing Managers Index. It measures their confidence in purchasing more raw materials (production) based upon purchase orders they are receiving. Both is these are leading indicators - what will happen.

The CPI is the Consumer Price Index and measures what consumers are paying. It is based on a basket of goods and services and measures how each item changes over time. This is a real time indicator - what is happening. A companion to this metric is the CCI. It measures how confident are consumers, based on the CPI, they are about the future. It has a direct impact on their willingness to purchase anything beyond the necessities.

Unemployment is a trailing indicator and measures the impact of a downturn in manufacturing and series - if you don't have the work, you don't the employees. The reason most companies are reluctant to start here because of the costs of layoffs even though it is tempting to start here. Labor makes up about 30% of your costs and a controllable expense.

The global forecast is inflation will continue until 1st or 2nd QTR of 2023 before beginning a decline. But that assumes the government and their central banks make the right moves.