So no, it's not just about gas. If you look at the numbers it's across the board and broad based.
The Fed made a historic and pretty obviously needless mistake in delaying their response. Now we get to enjoy the fruits of either a severe recession or unchecked inflation if they decide to chicken out
But depends how many leaps you want to take to justify its relation to energy
Nothing in the breakout of the CPI data shows slowing in pretty much any category
I’m renovating a home. Shipping is higher, due to labor conditions as well as fuel costs. If I rent it out a few times a year, as I’m considering, I will price to make that back. I’m sure those with purely rental properties are similarly inclined.
I also decided to increase rent on my rentals cause the price of bread doubled and my daily sandwich got more expensive
Input costs eventually filter to the outputs.
Cars, chips, energy, supply shocks etc are what’s causing all this increase in CPI. I would even say there’s not much (monetary) inflation, on the contrary, deflation of the USD might break the system.
Chip supply is higher than prepandemic. Demand is even higher due to fiscal stimulus. Not even worth discussing, its obvious to anybody that has been following the data closely.
Look at retail sales figures on FRED and explain to me how this is not a primarily demand driven inflation:
https://fred.stlouisfed.org/series/RSXFS
You and many others are conflating "shortage" with "supply side issues". Shortages can be driven by excess demand just the same as constricted supply