> The long answer is that today's inflation doesn't seem to be monetary in cause, because nearly every country is experiencing inflation simultaneously.
Every country printed money during Covid.
Every country printed money during Covid.
A globalised supply chain was disrupted by covid and that exposed some pretty gnarly non-linearities in how pricing happens. Combined with an explosion in shipping prices that actually pre-cluded low inflation areas from exporting their disinflation to high inflation e.g. I've linked elsewhere charts on shipping costs. Have a look at a USDJPY chart and wonder why the US wasn't loading up on cheap Japanese goods..
There are also demand factors as well, but most of what we are seeing is monetary in origin, raising interest rate is also somewhat "demand" driven, in that the big trigger there was the market for buying MBS (packages of loans mostly made by banks and S&L) market froze and then spiked up significantly.