Apologies for repeating myself, but the important point to be added to the piece below, is that the entirely external supply side reduction in output was met inappropriately with demand side stimulus: the Biden administration wrote checks for people sitting at home unable to get to work and the Federal Reserve indirectly created the money to finance it. The resulting inflation would reduce the real value of wealth assets by releasing enough resources to provide for the increased government consumption spending. Central bank accommodation of government spending--above tax collections plus the willingness of bond investors to hold the new debt--is always and everywhere the cause of inflation.
Thus has the modern central bank become the hand maiden of its federal government and a persistent source of inflation everywhere. Legislatures are loath to pay for their expenditures by raising taxes, and central banks are loath to let government spending above taxes be disciplined and restricted by the bond market.
This is the fatal flaw in the team transition, jolting Joe Stiglitz thesis, that attempts to oppose this particular demand side stimulus after having taught that it is government's most important interventionist tool.
Because they routinely call "wolf" who is going to listen when they do not call "wolf." Politicians are not going to understand that this time it was different.
https://www.aier.org/article/two-kinds-of-transitory-inflation