"The current high inflation rate can be attributed to many different factors, many of which are a result of the Covid-19 pandemic. Gapen pins rising prices on three general causes — increases in household demand and supply-chain shortages due to the pandemic, the war in Ukraine and the presence of a strong labor market. Generally, the story goes something like this: At the start of the pandemic, consumers began spending less because of lockdowns, and in turn, started saving more. Then, when Covid-19 restrictions eased, people started spending more again. Companies, however, couldn’t keep up with this increased consumer demand — many of them had reduced production because of the pandemic and experienced shipping delays as well as shortages in labor and key inputs. The result of all these things? Higher prices for most goods and services."