Inflation models that worked for decades broke down during the pandemic...

 ... and alternatives have yet to emerge

Economists have struggled to explain how inflation suddenly shot from around 2% before the pandemic to 8.6% in May.

Outside of a handful of individuals, economists have thus far devoted remarkably little attention to how their theories and models got inflation so wrong. 

This would be understandable if economists had only missed by a bit.  They didn’t. 

Inflation at the end of last year was more than double the median projection among economists surveyed eight months earlier and well above the highest forecast.

Greg Ip WSJ 15 June 2022 

https://www.wsj.com/articles/on-inflation-economics-has-some-explaining-to-do-11655294432