Inflation: Fact or Fear

i. If the US Feds are anything to go by, the pickup in inflation is “transitionary” (to quote Neal Freyman of Morning Brew,) partly due to supply chain bottlenecks, and partly due to “surging” demand as markets and countries open up. 
ii. We also need to throw into the mix,  production disruptions last year, ongoing government stimulus and handouts, and extra savings from less travel and holidays, and pent up demand during lockdowns.