According to the Labor Department, between May of 2020 and May 2021, inflation rose to 5% - the highest rise we have seen since 2008. To answer Dr. Baugus' prompt, yes I believe we are experiencing inflation currently, but I would like to elaborate a little bit on how the Covid pandemic specifically has affected current economic trends. The prices of certain items increased during the pandemic due to certain product shortages, such as silicon - I noticed this first hand when purchasing a new laptop this summer. However, supply and demand has also affected inflation recently due to the sudden increase in people willing to travel since the Covid pandemic. The unusually high increase in inflation in May was significantly impacted by the demand for used cars since most people chose to drive over flying or public transportation. Now that the travel industry is reopening hotel prices are up 10% versus last year and airfare is up 24% according to the Washington Post. The good news is that these spikes are expected to flatten out as the economy adjusts to the shock that the pandemic caused.
https://www.washingtonpost.com/business/2021/06/10/inflation-what-to-know/