This is because the increase in inflation has been mostly driven by food, as a result of supply shocks, rather than caused by excess aggregate demand.

因为，主要由食品价格驱动的通胀的上升是由于供应上的意外，而非更多的需求引起的。

youdao

One more reason not to lose sleep over the surge in oil prices is that, unlike the rises in the 1970s, it has not occurred against the backdrop of general commodity-price inflation and global excess demand.

ECONOMIST: Oil��s pleasant surprise

Then, excess demand resulted in higher inflation, huge current-account deficits and rampant asset-price inflation.

ECONOMIST: China's economy

As stockmarkets rally on a belief that the central bank has acted pre-emptively and quashed any prospect of inflation, looser financial conditions could fuel the very excess demand that the Fed is trying to reign in.

ECONOMIST: Monetary policy isn��t getting any easier