That's just not true for a ton of different reasons. First of all, labor costs themselves are only responsible for a small fraction of prices, meaning that production costs will never go up as fast as wages. Second of all, increasing wages results in lower debt and higher savings rates, not just higher spending levels. So once again, higher wages will never cause inflation that is higher than the wages themselves. I can’t emphasize this enough. Whatever “inflation” that is created by higher wages is absolutely 100% worth it.