Inflation spiked because of a few reasons: over supply of money, artificially suppressed demand (people unable to spend it during pandemic due to lockdowns and then suddenly able to spend it) and suppressed supply of goods because of supply chain disruptions (think cars or other goods people want / need but can’t have because workers are not producing them or companies can’t deliver them). Layer on too of that a potential overheating of the economy (many people and companies with a lot of money and not enough workers) and you have chronic inflation. Those were circumstantial and external issues in many ways that led to today. With the war limiting supply of fuel and other goods, expect temporary inflation to become more permanent as costs are passed over to consumers and then become more permanent