Uhm, 5.4% doesn't seem "rampant" in a phase such as this one. Inflation depends on the accuracy of the measurement and the central bank's control over the econ

Uhm, 5.4% doesn't seem "rampant" in a phase such as this one. Inflation depends on the accuracy of the measurement and the central bank's control over the economy. Both are unusually bad at the moment, so being 3.4% over target isn't as bad as in a more boring phase. For example, the wild swings in the price of shipping mean there's more noise, so the measured inflation will be less precise. People's corona-induced behaviour changes add noise and reduce the precision of the measurement.