Economist David Beckworth argues that the U.S. inflation surge that peaked at 8% in 2021 was driven primarily by demand, not supply-side factors. In an analysis cited on March 17, 2026, Beckworth challenges the common explanation that bottlenecks and disrupted global supply chains were the main causes of the price spike. The 8% peak in 2021 has often been attributed to constrained production and logistics problems following the pandemic. Beckworth’s work, however, contends that demand pressures played the decisive role in pushing inflation to that level. His conclusion runs counter to much of the prevailing commentary about supply shocks and may renew debate among economists and policymakers about the relative contribution of demand versus supply to the 2021 inflation episode. #inflation #US #supplychain #DavidBeckworth #FiatNews