1. “Demand pull” inflation (Keynesian concept) a.k.a. an “overheated economy”
2. “Cost push” inflation (Keynesian concept) e.g., increase in the price of oil can spark inflation.
3. Velocity can exacerbate or mitigate inflation (when it reality it does not exist and is a poor proxy for monetary demand).
4. Demographics directly impacts the price level (e.g., an aging population is “deflationary” per people like Harry Dent), the impact is really indirect and only results from the nature of fractional reserve banking
5. The Federal Reserve can not successfully control inflation, it can only contribute to the price increases with its ability to print money at its leisure.
Thanks, WindRock Wealth.