Or you can have inflation in a particular class of goods. For instance, goods involving high energy inputs. Or goods which are high in mass, which must be transported in scarce shipping containers. Scarce in part because of an imbalance in the terms of trade between certain nations.
This is an extremely complex situation.
(And please don't lecture me about what the Austrian School would say. I make observations from my own POV, not to emulate, or reflect what others say. Do get that clear, thanks in advance).
