Underlying inflation appears to be running high by recent standards, maybe around 4 percent

This in turn reflects an economy in which spending is more or less back to the prepandemic trend but production is constrained both by bottlenecks and by the withdrawal of several million Americans from the labor force.

So how long will elevated inflation last?

The secret answer (don’t tell anyone) is that we don’t know.

I still don’t see any evidence that 1970s-type stagflation

Paul Krugman NYT 10 December 2021

https://www.nytimes.com/2021/12/10/opinion/inflation-economy.html

If This Is Peak Inflation, What’s the Path Back to 2%?

https://englundmacro.blogspot.com/2021/12/if-this-is-peak-inflation-whats-path.html