Do you wonder why we sometimes face inflation? Understanding complex macroeconomic systems is helped by analogy. Our economy is comparable to a stock and flow framework. That is -- a bucket (stock) of economic activity, represented by money, with flows both in and out. Using a water bucket helps paint an understandable picture.
An inflation analogy - policy oversteering causes overfilling the water bucket:
Think of economic policy oversteering and the resulting inflation as overfilling a water bucket.
In more calm, normal economic times , monetary macroeconomic policy is able to maintain optimal levels of inflation and economic activity. Metaphorically, standard macro policy appropriately maintains the bucket's optimal water level. In 2020, the pandemic caused a large, water-gushing hole  in our economic bucket. As a result, both monetary and fiscal policymakers blasted water -- actually money -- into this bucket while the hole was being fixed. They did this with the well-intended desire to maintain the correct water level and reduce the emergency water flow  once the hole is patched up. Unfortunately, the big fiscal and monetary policy spigots kept flowing even after the hole was fixed. Macroeconomic policy is subject to difficult-to-control inertia. The water overrunning the optimal level  is inflation faced in the post-pandemic world.
At this point in the economic cycle, we are on the precipice of the typical substitution phase that leads into the shakeout phase. For a deeper dive into the phases of the Creative Destruction Transformation, please see:
About the Author: Jeff Hulett is a career banker, data scientist, economist, and choice architect. He teaches personal finance at James Madison University and provides personal finance seminars. His new book -- Making Choice, Making Money: Your Guide to Making Confident Financial Decisions --will be published in Summer 2023. You may register for pre-order information at jeffhulett.com.