By Brian Baker From Bankrate.com Warren Buffett has been thinking about inflation for a long time. The legendary 90-year-old investor had the dangers of inflation drilled into him by his Republican Congressman father, according to biographers, and has repeatedly commented on the subject throughout his investing career. “We’re seeing very substantial inflation,” Buffett said at last month’s Berkshire Hathaway annual meeting. “We’re raising prices, people are raising prices to us. And it’s being accepted.” Consumer prices jumped 4.2 percent in April 2021 compared to the prior year, the largest increase since September of 2008. The increase has unnerved investors, with some wondering if we could be headed for a return to the 1970s when inflation reached double digits. So why is inflation such a concern for investors? Inflation, or a general increase in prices, causes you to lose your purchasing power over time. For investors, this can turn what appears …