I think, quite honestly, people are a little bit spooked about inflation. Whether that's because there were supply chain issues last year, or weather effects or whatever it is, or a combination of all these things, the reality is that both households and businesses are starting to build that into their view of inflation over the next couple of years. That's the expectations challenge. That's what central banks try to keep in check, because it makes their job harder than if they were just dealing with traditional economic things.
There's no question that inflation expectations are going up, and that's making policy-makers' jobs much harder than they otherwise would be.