Because the Democrats Are Still in Charge?

Why higher inflation may no longer be considered "transitory" - CBS News

Inflation spiked higher this year due to the confluence of several pandemic trends, economists say. First, the rollout of COVID-19 vaccines in early 2021 spurred pent-up demand from consumers, millions of whom were flush with cash due to stimulus checks and extra unemployment aid.

But at the same time, the U.S. workforce hasn't fully recovered from the pandemic. There are still 3.2 million fewer workers today than in February 2020, before the COVID-19 pandemic shut down the economy. Among the businesses impacted by the labor force shortage are those in the supply chain — transportation companies, warehouses and other businesses that help move goods around the U.S.

That's created what Bostjancic calls "sticky supply-driven inflation."

"There was huge pent-up consumer demand, and demand came back sharply, and supply couldn't keep up," she added.

But there's a risk if the Fed boosts interest rates more quickly than expected, Bostjancic noted. "You could have a double-jeopardy risk that they raise rates now to combat inflation, but that it kicks in just as supply comes online and demand moderates," she said.

TL;DR

The Democrats are still in charge.