A reframing of inflation that's neutral-to-bad for savers: prices keep climbing mainly because the dollar is shrinking, not because goods cost more.

• Inflation just came in hotter than expected — the fastest in three years.
• The hot number boxes in the Fed, leaving little room to keep interest rates steady.
• The usual story is "too much money chasing the same stuff," which pushes up groceries, gas, rent, and health care.
• But priced in gold instead of dollars, things like oil, wheat, and copper have actually gotten cheaper for over 200 years.
• The takeaway: stuff isn't really getting pricier — the dollar you measure it with is getting smaller.

Outlook: With inflation running hot, the Fed will struggle to justify holding or cutting rates, and the dollar's slow erosion is likely to continue.