In the United States, in particular, the combination of a $900 billion fiscal stimulus at the end of 2020 followed by a $1.7 trillion package in March 2021 proved too much, too late.
Supply chain disruptions have been a major contributing factor to inflation, although some of the strain on supply should really be traced to the sudden surge in demand.
Across advanced economies, more than half (including the United States and the Euro area) had inflation rates of over 5 % even before hostilities, so that the war made an already difficult situation worse.
Prior to the conflict, Russia and Ukraine combined accounted for a quarter of global wheat exports, and Russia is a major supplier of fossil fuels, especially to Europe.
Disruptions to supplies of these commodities are driving up prices.
President Biden's commitment to abolish fossil fuels, blocked Key Stone XL pipeline and Nord Stream 2 pipeline has taken a profound effect on the industry. Prices are high, and they want to profit as much as possible. No new investment, and production lowering becomes a method of today's profit.
Finally, the sanctions of US and EU on Russia didn't help anyone but Russia, and USA on the back of EU and poor countries.
So this time of suffering is caused by us, not someone else. Just a thought.