You know Central Banks Lost Control Of Inflation WhenWages start being jacked way up.... When Minimum Wage is being jacked way up.... This causes inflation to feed on itself..... Higher prices, demands higher wages, higher wages causes higher prices...repeat repeat repeat.
But it all starts with Money Printing and indirectly crazy low interest rates. But Mainly Money Printing.
Even if rates went to ZERO.... Banks can only lone out so much money, that's determined by how much money they have..... And that's determined by the MONEY SUPPLY.
As for Supply/Demand.... Again, people can only pay so much before they say "uncle"... and that is determine by how much money they have..... again, it all comes down to MONEY SUPPLY.
Money Supply mainly only changes by the Central Banks printing money.
Money Supply, it's increase (money printing) is the driving force of inflation.... And the Central Banks know this.... but they will propoganda out and lay blame/excuses.... "supply chain issues, Covid, supply/demand, employment rate....etc etc... ALL BS to cover what they know is the cause of inflation.
All just my opinion/view/thinking