M2 Money Supply was up 40% year over year! M2 is cash in the system. The spike in M2 that caused the inflation spike in the 70’s was around 17%. 40% is insane. Almost like it’s on purpose 😉 Inflation always has been and always will be a monetary event.
Supply chain disruption and limiting oil production will make it worse. But it’s always a monetary phenomenon. 40% more dollars chasing the same (or less) amount of goods and services.