With the pandemic has come a higher rate of inflation. Expectations and realities each have centered on an inflation rate of about 2%. Indeed, this has been the target for monetary policy. But inflation now is running above 5% and current policy is based on this higher rate being transitory, i.e., it will not last long. If higher inflation remains higher longer, both daily living and investment portfolios could be impacted unfavorably, especially if monetary policy were to shift to higher interest rates. Consumer and investors certainly can and will adapt but at what cost in either standards of living or portfolio returns? A review of some important inflation characteristics can provide perspective for investing yet ahead.