Only a small part of the issue. The value of the dollar hase declined by about 50% in the last four years. This has given rise to new price levels that have been unseen before. No one is speculating at the Grocery store when you by the gallon of milk that rose about 50% in the last four years.
You are buying into the governments story. They print more money, each dollar becomes worth less, therefore prices rise.
^^^^ This is where the US nearly is at this point. We produce almost nothing but we consume and spend money like drunken saliors. Then the Fed prints more and more money to loan to our Government at interest. That is a called a back door tax on you. Inflation. Now before you go and say "Our inflation has remained at 4-6% for years", it has not. The Government has manipulated the calculation for inflation several times in the past 30 years. If we used the method for calculation inflation that we used in the late 70's and early 80's our current inflation is between 11 and 13%.