> In europe the inflation was caused by the supply chain crisis Then we'd expect to see deflation when the supply chain crisis is resolved - which seems unlike

> In europe the inflation was caused by the supply chain crisis Then we'd expect to see deflation when the supply chain crisis is resolved - which seems unlikely but I suppose it cannot yet be ruled out. I doubt anyone will be held accountable if that deflation doesn't materialise though. It is an interesting question where CPI inflation is supposed to be coming from if not inflation in the money supply.