The pandemic caused widespread shutdowns of factories, ports, and transportation networks, disrupting global supply chains and creating shortages of goods and materials. At the same time, governments responded with large-scale stimulus programs and kept interest rates low, which boosted consumer demand. With too much money chasing too few goods, prices began to rise. Labor shortages, shipping delays, and a surge in energy costs added to the pressure, contributing to the sharpest inflation spike in decades.
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