I think it's fair to say that “team transitory” has disbanded. As you've seen in our own forecasts, we have substantially revised up our outlook for inflation.
Inflation is, today, considerably higher than we thought in January it was going to be. The main reason for that is the unprovoked invasion of Ukraine by Russia, which has boosted commodity prices. It's also further disrupting global supply chains. The other issue at play is—as you're seeing in today's news—that COVID is still with us. China, right now, is going through new lockdowns. That's further disrupting supply chains.
All these factors mean that not only is inflation higher, but it's going to be higher for longer.