It's $3,700, and guess how long it takes for me to get it? Twelve months. By any definition that's inflation. Do I consider that transitory? I don't consider that transitory.
It might be transitory for certain other items, but for the average thing, when I go to the grocery store, buy my wife a bike or even other toys, maybe some real estate, everything that I touch these days is more expensive. I don't consider that transitory.