Dear @culgin

I just bumped accidentally at your publication. Solid read. Topics related to technology and economy are my favourite ones.

Inflation is indeed a quiet thief:) Like an assasin. You don't see it coming and then ... slash and your throat / wallet is bleeding like nuts ...

what will happen when we emerge out of the pandemic and business activities start to pick up?

My strong believe is, that in upcoming months (and perhaps even year or two) we will witness general deflation in prices. Especially since current crisis seem to be just unfolding and demand for products won't be there. People are stocking up on savings. So many businesses will be often forced to sell their products with huge discounts - just to bring enough revenue to survive.

However, once real economy and financial markets will start to recover - then indeed I would expect inflation to catch up. It's also like self-fullfiling prophecy. Right now business owners are holding to their FIAT and savings, trying to prepare themselfs for difficult times.
The moment when worst will be over - all those people and "smart money" will be running away from FIAT into any sort of assets. Causing domino-efect. Just like self-fullfiling prophecy.

Hope I'm making sense .... your explanation is surely more professional.

Upvoted already. Cheers :)
Yours, Piotr