I’m wondering if that is still what’s happening here. All the markets are still reacting to the huge price increases caused by the one off event.

Things like a business increasing prices, a competitor then realising their making less money than peer businesses etc. This all takes time to slow down and all affects the value of things. People will also be having pay reviews at different times (particularly contractors) and therefore labour costs will increase in a trickle rather than in one big swing.

Therefore, it doesn’t seem impossible that inflation will slow down on its own, but I’m no economist.