You're not entirely wrong, but you're missing a massive piece of the puzzle, a war that is impacting the global markets in multiple very important raw material

You're not entirely wrong, but you're missing a massive piece of the puzzle, a war that is impacting the global markets in multiple very important raw material segments (oil, foodstuffs, various metals, general instability due to war involving a nuclear power in Europe, not to mention the fact that the nuclear power is losing ans it's dictator is starting to sound desperate). When prices of many products go up due to raw materials price booms, you get inflation.