Correct - once the world saw the Fed dumping $1 trillion into the money supply to prevent a collapse due to Covid in 2020, everybody else did as well. It takes time for that to make its way through the pricing system (bearing in mind inflation is measured over the last 12 months, its a lagging indicator).
There are also demand factors as well, but most of what we are seeing is monetary in origin, raising interest rate is also somewhat "demand" driven, in that the big trigger there was the market for buying MBS (packages of loans mostly made by banks and S&L) market froze and then spiked up significantly.
There are also demand factors as well, but most of what we are seeing is monetary in origin, raising interest rate is also somewhat "demand" driven, in that the big trigger there was the market for buying MBS (packages of loans mostly made by banks and S&L) market froze and then spiked up significantly.