Can inflation actually be fixed? Is there any hope? Or will prices just gradually keep increasing?
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A small, predictable amount of inflation that does not outpace wages is considered healthy for the economy since it forces rich people to invest their money. That allows companies to find loans and investors. Without loans and investors, companies can’t really expand to produce the goods and services that people demand, which is bad for an economy.
If the amount of inflation is unpredictable, then it will cause prices to become unstable, which makes it difficult for companies to plan to buy and sell things (since many sales contracts are over a span of multiple years). If inflation is too high, then wages cannot keep up in the short term which is also bad. This is why countries typically target a small and predictable amount, like say 2%. It’s low enough for wages to keep up, and predictable enough that companies feel comfortable signing sales contracts for multiple years.
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