The cause of the recent inflation seems clear, but a lot of
people are getting it wrong. Kamala Harris is blaming price
gouging, dismaying even people who are trying to cheer for her.
Donald Trump, in his interview with Elon Musk, pointed to oil
price increases as the main driver of inflation – which is
plausible enough to deserve an actual refutation, since
transportation prices do drive up the price of other things, and
oil is also a chemical feedstock. But the early-2000s oil price
jump was much larger, with the price of oil roughly tripling, yet
the effect on overall inflation was much less than the 20% of the
Covid years.