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"runaway inflation" is correct and usable in written English.
You can use it when you want to refer to a situation in which the prices of goods and services are rising rapidly and out of control. For example, "The high rate of unemployment combined with runaway inflation has made life difficult for many people."
Exact(58)
Would 'People's QE' cause runaway inflation?
Fears of runaway inflation are already acute.
The policies brought to heel runaway inflation.
Runaway inflation was eroding the value of wages.
Then the problem appeared to be runaway inflation.
Naysayers will argue that this strategy is a recipe for runaway inflation.
The city funded the project, seeking a solution to housing shortages and runaway inflation.
With ample spare capacity, there is little risk of runaway inflation.
The German republic was weakened by the runaway inflation of 1923, and its future clouded.
And second, it frets that a massive monetisation of debt might create runaway inflation.
But instead of helping, it had caused runaway inflation and a rash of strikes.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com