[imtringued]

>Inflation is mostly a monetary phenomenon

In an economy, where everything is scarce and people can't get enough of the things that they need. The US and EU economies are not like that. Turkey is like that, Zimbabwe is like that, Argentina is like that, Venezuela is like that.

In the US the only scarcity exists in housing and it is purely self inflicted. All inflations are caused by scarcity or shortages, solve the shortage and you solve the inflation. Covid won't be here forever, any shortages it causes won't be permanent but it may take years to recover if you are pessimistic.

[yyyk]

We're hardly at a post-scarcity economy. At most we can say that (poor quality) food isn't scarce. Education, housing, transportation, medical care etc. are scarce. Self-inflicted? At least to some extent. But artificial scarcity is still scarcity when you're on the receiving side.