It’s amazing how much is perception. By the numbers, monetary policy remains historically accommodative—but of course memory is short, and what matters isn’t some distant years in the past, it is what has been happening recently: it is less accommodative than it was, which is what matters.
I agree that this might be a simple bloom in measured inflation, but I believe it’s much more serious than the official report. Anyway there is a looong way to go to get to historic belt-tightening levels, so the economy will chug on while inflation recedes.
After the inflation tsunami recedes, the ground will be littered with higher prices for a long time.