Quoted: Some studies have shown more than 60% of the inflation Americans are feeling today can be directly attributed to the supply chain shortages of last year, said Mark Copelovitch, a political science and public affairs professor at the University of Wisconsin-Madison.
Second is Russia’s invasion of Ukraine. Ukraine is a major exporter of grain and Russia is a major supplier of oil, so wartime disruptions and U.S sanctions on Russia have contributed to rising food and gas prices.
Stimulus spending has also been a factor.
“The other part of the inflation is the demand side, especially when we were all sitting home, spending out stimulus checks when we could not go out (during the pandemic),” Copelovitch said.