Anyone alive today who didn't live through the 1970s or who hasn't lived in another (Socialist) country (e.g. Venezuela or Cuba) has no real understanding of the impact run-away inflation has on the nation and each person's life.
Interest rates for secured bank loans (homes, cars, etc.) at over 20% APR.
Canned goods that were bought for $2 last week being marked up another $0.25 after already being marked up 2 previous times. The wholesale price for that can didn't change, but the costs associated with the business continue to rise, meaning they have to raise prices to make enough to stay in business.
Gas shortages were common, because the prices of crude oil were so volatile, nobody wanted to buy at today's prices in hopes tomorrow's would be better -- or at least not much worse.
Borrowing money was so expensive, any goods or services that were produced/offered using borrowed money also cost more.
The spiraling increases were constant. What cost X today cost 10% or 20% more next week.
I bought my first motorcycle brand new at the Yamaha dealer in Kannapolis, NC. I put 20% down, had a co-signer, and guaranteed income each month. My loan was still 21%. It would have been 18% less than a week earlier. I believe the term was for 3 years.
When prices go up, demand can only be expected to go down which also feeds the inflation spiral. Prices rise to offset reduced sales volume.