RE:Excess Demand"Blaming inflation only on supply was laughable to anyone with a functioning noodle. Its supply AND demand. Demand curves are downward sloping. Revenues are price times volume." There were and are supply chain constraints due to worldwide government imposed lock downs of the economy which lasted close to two years.. Too many dollars chasing too few goods will result in a disequilibrium of supply and demand and consequently prices will go up. You can't look at one without the other. Also, quantitative easing and Trudeau handing out money by the truck load are inflationary. Deficits and high government debt are inflationary. Many moving parts to this inflationary cycle.