Inflation is accelerating slightly and continues to spread moving into other sectors like food prices and travel, says John Leer, Chief Economist of Morning Consult. Wage growth is struggling to keep up with inflation, causing purchasing power to be eroded, he explains. He says this will cause the consumer to reallocate resources from high-end discretionary items to more lower costs staples. He explains the risk of stagflation with slower economic growth and higher inflation. He points out that consumers are substituting lower cost goods to make up for the higher price at the gas pump. His final thought is that things will feel worse, before they get better.