The issue now is that business believe that price elasticity is less because of the shortages and are therefore raising the prices beyond what the increases cau

The issue now is that business believe that price elasticity is less because of the shortages and are therefore raising the prices beyond what the increases caused by the shortages. There was an article recently, and I'll see if I can dig it up saying that some important part of this inflation is actually price gouging and we are likely to see record profits from some of these businesses.