Firstly, any inflation is purely temporary according to the governments, so any lack of spending ability is entirely in your own mind.
There are two schools of thought:
A) pent up demand has caused supply chain issues, which causes a sudden price increase, only to be followed by price crashes once the demand is fulfilled. This means that an extended recession is in our future.
B) 40% of all the dollars in circulation were created in the last year, which is insane printing press madness (money printer goes brrrrr), and will lead to massive worldwide systemic inflation. One definition of inflation is actually the increase in money supply, so by that metric inflation really is 40% - whether that newly minted money gets to circulate among the general public is another question. Currently price rises are not evenly distributed - the real inflation is in the sectors who get access to free money, so stocks, etc, classic cars, invisible sculptures etc are all at nosebleed prices.
Given that all fiat money systems inflate, always and forever, the question is really more how much are they going to steal from me this year? A lot, or just the usual? It looks like it will be quite a bit, followed by even more, but I am always a pessimist when it comes to government theft.