Why we should not believe in sustained inflation in the United States

The recent high US inflation figures are worrying, and the question is whether this is a temporary rise or a sustained rise in inflation. We believe it is impossible to believe in sustained inflation in the United States for the following reasons: After each recession, there is a temporary surge in inflation, which is a catch-up of price increases that could not take place during the recession; The rapid rise in commodity prices (in the broad sense) is due to the magnitude of the economic recovery and the shift in the structure of demand from services to goods. Both of these causes of rising commodity prices are temporary; There is no longer any link between money supply growth and inflation, as money is no longer transaction money; There is no sign at the aggregate level of wage inflation, given the high level of under-employment and the upturn in productivity. Public transfer payments to households are temporary and cannot reduce labour supply in the long term ; Indexation of wages to prices has become very weak in the United States.