Uhm, 5.4% doesn't seem "rampant" in a phase such as this one.<p>Inflation depends on the accuracy of the measurement and the central bank's control over the economy. Both are unusually bad at the moment, so being 3.4% over target isn't as bad as in a more boring phase.<p>For example, the wild swings in the price of shipping mean there's more noise, so the measured inflation will be less precise. People's corona-induced behaviour changes add noise and reduce the precision of the measurement.