Jan 18, 2024
1. Pandemic (no demand). Inflation irrelevant because prices too volatile, random shortages and surpluses.
2. Post Pandemic. Go out and buy, inflation surges
3. War Starts: Demand falls, inflation falls.
4. War increases: Supply falls (or moves from peacetime to wartime economy), inflation increases.
That's my 2 cents. Not sure if this piece agrees or disagrees though!