Nearly all of the inflation is coming from energy prices (driven by the post-covid recovery in demand and petrostates declining to raise prices to protect their

Nearly all of the inflation is coming from energy prices (driven by the post-covid recovery in demand and petrostates declining to raise prices to protect their revenues) and cars (used and new; driven by chip shortages and the increase in demand for consumer durables as spending moved away from experiences out of the house). To reduce energy prices, the US will need to increase domestic production or pressure petrostates into increasing production. Biden has a testy relationship with MBS, so the latter is being a bit harder than it would be otherwise. Still, Saudi Arabia is one of several large producers, all of which depend on oil for government revenues. The government can't do too much about reducing demand for cars or reallocating chip producers abroad to make prioritize making chips for car makers. I suppose we'll have to wait it out, and it'll probably take a while for these underlying factors to settle. If you're not driving or buying a car, it doesn't look as bad, though energy prices affect everything else, too.