The inflation shock of 2022-2023 results from both supply disruption (COVID persistent disruption, Ukraine war crippling energy/food markets) and demand pressure (particularly US fiscal stimulus exceeding available supply by 2.5 percentage points of inflation, vs 0.5% in UK), meaning disinflation will be hard, markets will remain volatile, and central banks must maintain restrictive policy for longer than desired to avoid repeating 1970s stagflation mistakes.