Question

in which situation wages and prices chase each other at a very quick speed

Answer 1

during the period of subsistence crisis

Answer 2

Wages and prices are two different components of business.

Wages decide how well employees can work or at how much rate they would work.

On the other hand, these wages are given from contributions earned by a management through prices of products or services.

So both are interrelated. However there are times of "inflation" as well as of crisis" during which these two chase each other.

So inflation is the answer for this.