[missinfo]

I think it's both a supply and demand issue. A much greater supply of dollars = more buying power, plus people working from home increased demand of certain items like lumber and computer chips. On top of shortages of everything for the reasons you describe.

That will get worked out, but here's why it looks to me inflation is here to stay:

1. Wages are going up in order to solve labor shortages. Higher wages = higher cost of goods = higher prices. And wages are sticky. Workers now getting paid $25/hr probably aren't going back to $15.

2. The just in time supply chain is being re-evaluated. We need resiliency, but it's less efficient and more expensive. Higher COGS.

3. The Fed seems likely to keep increasing the supply of dollars and don't want to raise interest rates much.