Inflation, both in the U.S. and elsewhere, is likely to persist for several reasons:
Climate change
Fires from increased drought and flooding from the increase in atmospheric rivers and rising sea levels will continue to drive up the cost of insurance to cover property damage. Climate chaos also damages or compromises infrastructure, such as roads and waterways, which will cause delays in the product supply chain, thus driving up costs.
Wars
Both the growth in authoritarian, nationalist regimes and persistent terrorist groups has increased conflict levels that threaten sea lanes, thus requiring cargo ships to take alternative, more costly routes, driving up the cost of products.
Entitlement
In the U.S., in particular, there is little sense of thrift among a large segment of the population; they will pay inflated prices for products whether they truly need them or not. The entitlement category also includes the criminals who believe they have a right to steal to make up for past grievances, a belief that drives up the cost of products.
Aging population
As the population ages, the costs associated with their chronic conditions and long-term care will also increase and their voting power will deter politicians from suggesting cutbacks.
Feel free to add your own opinions on what contributes to inflation.
joebiden.com
