The Fed has also been raising interest rates, and doing so faster than other countries, which makes the US dollar more valuable than those other currencies. But

The Fed has also been raising interest rates, and doing so faster than other countries, which makes the US dollar more valuable than those other currencies. But both currencies are still inflating because COVID and the Ukraine war have managed to shut down a lot of productive capacity in the economy. People are too rich to do without the goods being shorted, so instead prices go up.