As long as it isn't affecting the labour market what's the...

As long as it isn't affecting the labour market what's the problem? I said we've been living with 3.5% inflation for over a year now and this isn't affecting the economy, 3.5% will be the new norm instead of 2% in the future, the global economy is way different to the 2000s let alone 70s. And the IMF has just lifted their global growth forecast due to the strong economy of the US and China.