Economists use two main gauges to track inflation in the United States, and while both eased between June and July, they’re still near their highest level in four decades. Inflation becomes problematic when that low-and-slow simmer gets fired up to a boil. For a variety of reasons, largely stemming from the pandemic, the global economy finds itself at a rigorous boil right now. The Consumer Price Index for July rose 8.5% in July from the same period a year earlier. The Personal Consumption Expenditures price index, which the Federal Reserve prefers, rose 9.8%. How’d we get here? Blame the pandemics and Russia’s war on Ukraine?Blame the flu, and why inflation is all over the . . .