Any European (and I would add Japanese and other countries that don't have their own energy supply locked in at cheaper prices) country by necessity will need to continue to raise their prices. Very few things are only produced in the USA. No great push by the corrupt in DC to try and get more fertilizer production going here. 

 

Where people get confused is inflation versus 'rate of growth of' inflation. We've had pretty consistent inflation growth for decades now. (I'm focusing on food.) Until real inflation gets down to 2-3% annually (which factors in food, fuel, housing, the three main impacters to the average middle and lower class household) things will continue to get worse. The news will try to spin it as "Hey yeah we did have 9% in 2022, but look we are winning because we have 7% in 2023!" Not actually saying that 7% on top of the prior 9% is still obscenely high and that obscenity will continue until they stop debasing the currency by printing more, and by continuing to limit the exploration and production of energy.

 

This is basic economics on the consumer level. CNBC happy talk doesn't change the pain and suffering that will increase in the 12 months ahead for those least able to handle it.  More shrinkflation. More sub-optimal substitution of lower ingredients for the better ones from a couple years ago. 

 

It's gotten worse since the "wizards of smart" were telling us a year ago to not worry, 2022 would be a great year of return to better economic health.