This is such an obvious lie, as demonstrated by how said rapid inflation has
never materialized, in the USA or any other country where minimum wages were raised over time.
It doesn't even make
mathematical sense, since labor costs are a tiny fraction of what goes into pricing;
past studies showed that, for instance, for McDonalds, a company with a fairly large entry-level minimum-wage employment model, raising wages to a $15 minimum would increase the price of a Big Mac a whopping $0.17, less than a 5% increase in price. Because even with McDonalds' relatively high labor costs, labor is a
tiny fraction of their expenses, dwarfed by material costs, rentals, utilities, insurance, and so on.
The whole idea is just absolute nonsense and nobody credible argues it.
Producivity is more than enough to eliminate poverty, in the developed world. It isn't a lack of resources that causes poverty. It's wealth distribution that focuses on giving most wealth to the elite few, regardless of the poverty created at the lower socioeconomic rungs.