Things will get a lot cheaper once the herd is culled. Start with Bill Gates. Heck, he's probably making the formula for Jonestown Koolaid right now.
Lower prices, or at least lower inflation, will be "a stop along the way", among many, as this civilization returns to equilibrium sans fossil fuels.
On a lesser note, re gas prices... Of course Krugman does not mention the problem with "average" wages, because that would go to inequality, and he'd then be accused of "socialism".
Was just to show how unrest is going to grow over the next few years. We can discuss why, but there will be differing reasons. For example, wait until Europe this winter.