Most economists and politicians still don’t understand that the economic shutdown/lockdown of March 2020 meant the destruction of the global economy. There will be no going back to normal. The damage to the supply chains was irreparable and only made worse by recent sanctions. The sanctions were supposedly against Russia, but will, obviously, have their most serious impact in the West.
The shortages (i.e. higher prices) of energy and food are only one of the consequences.
The crashing, yes, still in slow motion, of the world economy will be magnified by government mandated wage rates in the overly-regulated West. Rebuilding an economy takes entrepreneurs willing and able to invest capital in ailing and new industries. That will only happen when wages are allowed to be set by the marketplace. Those wages that the government mandated (are you sick of that word yet?) were made possible not by legislation, but by efficient businesses and world trade. Now that is gone, so are high wages.
Will governments realize that and cancel such legislation? Of course not; not until the destruction of capital and the unemployment, homelessness and misery are so high that they have to.
Get out of the cities while you still can – if you still can.