[some_banker_guy]

While this is true, the size of direct fiscal in the US i.e. stimmie checks was enormous. I think the original poster is correct, I encourage anybody in this thread to look into what happened with used cars. At times that accounted for as much as 1.5% of the month on month inflation figures.

A globalised supply chain was disrupted by covid and that exposed some pretty gnarly non-linearities in how pricing happens. Combined with an explosion in shipping prices that actually pre-cluded low inflation areas from exporting their disinflation to high inflation e.g. I've linked elsewhere charts on shipping costs. Have a look at a USDJPY chart and wonder why the US wasn't loading up on cheap Japanese goods..