It is amazing to me that people don't get this. Government spending of something like 40-50% of GDP over the past few years. That spending has been leaking into the money supply because the market can't absorb the debt (this is amazing given that all the big exporters own massive amounts of dollars). Handing large stacks of cash to business and consumers. What could possibly go wrong? The last time there was something like this was in the late 60s: the US was consuming heavily, was a huge importer, exporters collecting dollar balances, fiscal expansion into infinity...it is very exceptional (and to be clear, the level of expansion today is something like 4x what happened then).

The supply of goods hasn't really changed much. Labour supply is lower by a couple of percent. Raw materials prices up a bit. Demand is up by something like 20-30%.

Also, it is worth noting that what you are seeing in the US is worse because there has been the highest level of growth in govt spending (over the past few years, to be clear), and the most amount of fiscal leakage. Even Canada, which really went balls to the wall, isn't seeing the same level of inflation.

A good explainer is - https://www.bridgewater.com/its-mostly-a-demand-shock-not-a-...