For those anxious to get to the crux of the matter...these are the final comments (but do yourself a favor and read the whole article)..
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What's the fix?
The best things governments can do, says Donovan, is nothing. "In as much as governments really can't change the oil price, central bankers can't suddenly change the price of wheat and other commodities."
Part of the pricing inflation story is already naturally coming down, and other factors like the impact of the Ukraine war on food and fuel prices are beyond the scope of influence from most governments, he adds.
However, it's a different question when it comes to whether government should try and mitigate the consequences of higher inflation. "There, there are things they can do. They can either look at benefits that are being paid to try and help people for higher prices, or where something is being taxed."
Oil, for example, is often taxed, so some governments may feel they could temporarily lower the tax on it, or reduce sales taxes on other products to try and make life a little bit more affordable. So there are things that governments can do to mitigate the impact in the cost of living in the short term, even if they can't change oil supply and demand.
"If we're talking over the next 10 years, then yes, of course governments can encourage investment in renewable energy and so on. But in the short term, there is a limit to what governments can do to offset price increases."
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This is a global problem...added to another problem...i.e., Climate Change...which sooner or later a 'Critical Mass' of this planet's people need to understand and join together on implementing solutions.
Link: https://www.weforum.org/agenda/2022/05/inflation-rising-economist-explains/