Well, sort of by nature inflation is transitory. Sometimes there are deflationary periods but more or less it goes up every year. Sometimes more than others. The real question is “how transitory” and “what’s the new normal”. When, if ever, will it fall back under 2% annually?
I am expecting inflation and shortages in commodities going deep into 2022 at least. Not just because of covid and not just because of the money supply and low rates.
“Well, sort of by nature inflation is transitory.”
True, it was transitory in Weimar Germany, Zimbabwe, Argentina, etc. “Transitory” is the latest weasel word.