“There is one type of inflation that the Fed has never had control over – as covered in the previous analysis – inflation caused by shortages and supply side shocks. To fix that kind of inflation requires fixing the physical shortage problem. We’re seeing this right now with the 12 month increase in prices of imports going up by 10.6%.
This isn’t just theory. It is our collective history. Persistent and difficult to overcome inflation was what happened in the late 1970s and early 1980s.
It seems almost like lost knowledge for many today, who are focused on the easier to understand concept of inflation created by excess money creation. What happened in practice was a different source of rising prices. The last time this happened it took decades to fully break the inflationary cycle.”
http://danielamerman.com/va/ccc/H8CourtOrder.html “Climate Change & Court-Ordered Inflation”
“A display of extremely high food prices during hyperinflation” from Rare Historical Photos.