Ryan Young of the Competitive Enterprise Institute explains the difference between supply shocks and inflation:

There is much confusion about inflation right now. That matters because inflation is the highest it’s been in 40 years and is easily the most pressing economic issue facing the country. It’s important to get it right. The right cure requires the right diagnosis.
Inflation is related to the amount of money in circulation. If it isn’t monetary, it isn’t inflation. Supply shocks have nothing to do with the money supply, and nothing to do with inflation. Putin’s war and the sanctions against him are pressuring oil supplies. Prices will stay up until people find ways to adapt. But again, none of this has anything to do with the money supply.

Read the whole thing here.