[KingOfCoders]

I don't know about the US.

In Europe inflation was driven by oil prices in the 70s because industry production was based on oil energy.

Europe switched to natural gas for industrial production.

Because natural gas costs were driven by long term contracts, not the spot market, it did not increas in 2008.

When because of the invasion natural gas costs spiked, despite long term contracts with Russia because companies needed to get out of them and buy natural gas on the market, inflation spiked.