On Monday, OPEC's president, Chakib Khelil said oil could hit $200 a barrel. It will hit $200. It will go higher than that. It's just going to keep going up. There may be some drops here and there, but the long-term trend will continue up until we change the whole world to unselfishness.
Inflation is a means by which the rich keep the poor down. Salaries and wages for the poor and lower-middle classes chase inflation.
When the minimum wage is not indexed in real-time to a basket of goods the quantity and quality of which don't reduce, then every minimum-wage increase and every pay raise given is already in the process of being neutralized. In fact, increases and raises are more often just allowing one to try to catch up. This has been going on a long time. It's one of the reasons it takes two incomes to just attempt to have the same standard of living that was available with one income when I was a boy.
Other devices are devised and employed as well, such as encouraging mothers not to take care of children at home or to home school them, globalization, and "illegal" immigration (to pay less to people who won't go to the authorities to complain).