You texted and tweeted about indication of inflation taking over (8)
I believe the answer is:
usurping
'taking over' is the definition.
('usurp' can be a synonym of 'take over')
'you texted and tweeted about indication of inflation' is the wordplay.
'you texted' becomes 'u' (text abbreviation for 'you').
'and' says to put letters next to each other.
'tweeted' becomes 'sung'.
'about' indicates putting letters inside.
'indication of inflation' becomes 'rpi' (retail price index).
'sung' placed around 'rpi' is 'surping'.
'u'+'surping'='USURPING'
(Other definitions for usurping that I've seen before include "Seizing control without authority" , "Assuming power without authority" , "Taking power without authority" , "Taking another's position wrongfully" , "Seizing control illegally" .)