I’m not an economist, but I tend to think it’s the result of political malfeasance in the form of the messed up Covid response (leading to a labor shortage), provoking and sanctioning Russia (leading to gas and fertilizer/food shortages), and trying to “decouple” from China (leading to all kinds of other shortages). The inability of the US to care for its own citizens and also accept a multipolar world is imo largely responsible for this mess.