I don’t think it all of the answer but seems a bit naive to think it doesn’t play its part (especially the broad geographical impacts and that has hit incumbent parties across the political spectrum)
Most of Trump’s stated polcies (such as tax cuts, deportation, tariffs) are clearly inflationary - how will his voters react? Especially if the cuts to social welfare payments, healthcare coverage etc are as draconian as he as suggested?
It's not all of the answer, but for me it's where the rapid inflation started.
Canada, the US, and the UK as well as loads of places everywhere are all dealing with inflation in cost of living, specifically, housing and food costs are something that seem to be the biggest pieces.
I can only speak for Canada but there has been price fixing and increased mark ups amongst the food retailers who are reporting record profits each fiscal period.
The housing is a neoliberal issue of constantly high immigration levels to replace falling birth rates increasing demand while the people with capital decide they want to buy three or four houses off of the equity they build in the first. There's plenty of land here but not enough houses being built here and the entire economy and nation's retirement savings are sank into property rather than financial investments so there is no correction coming.
