This misses the single biggest factor driving inflation

Quantitative Easing (QE), whereby the fed purchases treasuries and thereby prints money, is the single most inflationary policy in the history of the fed. From 2020-2022 the Fed created over 8 trillion extra dollars. This represents at least a 20 % increase in the monetary supply (which has never been done in the history of the US in so short a time). Milton Friedman said it best "Inflation is always and everywhere a monetary phenomenon, in that it is and can only be produced by a more rapid increase in the quantity of money than in output".