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The inflation we're experiencing is actually demand-led. Contrary to what you may believe demand has been elevated since Covid-19 and supply quickly bounced back.

Oil and gas price increases are due to high industrial and demand. Their supply is at record levels.

What is truly insane is inflation being greater than 10% and interest rates being only c. 2%. There is a reason why the BoE theoretically targets 2% above all other metrics. Unfortunately they have significantly deviated from this.

The only way for commodity prices to decline, or at least remain level, is a concerted increase across the board by the major banks to reduce demand.