In economics there's the difference between transient inflation and core inflation (I think this is what GP alludes to). Really simplified: Core inflation happ

In economics there's the difference between transient inflation and core inflation (I think this is what GP alludes to). Really simplified: Core inflation happens when most market participants think inflation is here to stay and act accordingly. Transient inflation is caused for different reasons, a current example was the supply shock that led to the rise and subsequent fall in lumber prices. The distinction is important because in the current case there is a simple, one-time cause for the transient inflation: The disruption caused by Covid and is rippling through the layers of the economy. Most participants know this and therefore won't fear perpetual price rises, thus core inflation is pretty unlikely to occur.