exactly. But it has been an all round perfect storm, aided by both circumstance and policy WHILE keeping the money slauces wide open.
Money printing is the base driver of inflation.
BUT: the best anti-dote to inflation is productivity growth. Biden lifting regulations and taxes are both well known enemies of productivity growth.
On top of this you had supply chain disruptions... meaning fewer good and services chased by an avalanche of money... laws of supply and demand gaurantees price pressure.
It was not hard to predict. The fed played word games with the word transitory because they hoped to psychologically influence peoples economic behaviour to mitigate additional feedback loops I wager.