Inflation is the only bullet the central banks got, they know that once the deflation starts, there’s no stopping it. They’re just delaying the inevitable.
“oil prices do not cause inflation; they are one of the signals of currency debasement. Furthermore, if oil prices caused inflation, we would go from inflation to deflation quickly, not from elevated inflation to slower price increases. “
On January 28th, 2021 Biden signed his energy EO and it caused higher aka inflated oil prices. They are loathe to lower prices leading to prices always rising faster than prices drop. It does lead to lower prices such as airline tickets etc eventually.
They have spending freezes, tax hikes and inflation and we will see some of all three as no two alone will be effective.