An interesting topic. I'll provide some random thoughts that are not necessarily related.
Overall, I would say that in the United States, inflation is largely demand driven. When demand exceeds supply, prices rise.
The official inflation rates are measured on an annual basis by the Bureau of Labor Statistics. They have various indices of Consumer Price Index (CPI) that measure the annual changes in a basket of goods and services used by consumers with weighting factors applied to each component.
The change in demand will be reflected in the costs, either up or down. The weighted average from year to year is the official inflation rate.
However, it does pose some questions. Take the cost of higher education, for example. Everyone agrees that the cost of higher education has gone up year after year for many years. So one would say that this sector of the economy has experienced more inflation than the average. But is it true inflation or rather a shifting of costs? With state and federal governments cutting subsidies to these institutions, the shortfall in revenue is largely made up by raising tuition costs for students. And as long as there as guaranteed government loans to the students (or alternatively parents dipping into their savings), the demand remains high, even as tuition costs rise.
There are other factors involved, but I think as long as demand remains high, there is little incentive for these institutions to control costs. The victims, of course, are the poor students who have to take out loans.
Nevertheless, the bottom line cost of education, year to year, is a part of the basket of services included in the CPI. The offsetting lower taxes on those consumers are not reflected in the CPI.
On the other hand, housing is one of the largest components of the CPI, and there are large regional differences. In viewing the various components of the housing costs, property taxes do not appear to be included for house costs; however, renters costs likely are inclusive of those taxes. Many cities like mine have made up for cutbacks in government subsidies by imposing higher property taxes on home owners. Those higher taxes are not reflected in the CPI.
Putting those tax issues aside, however, demand is still probably the largest driver of inflation in the housing sector.
There are of course other issues...some of them molehills made into mountains by the media. One particular point I have brought up repeatedly in this website is that the CPI-W (or rather the three month period, July to September) used to determine cost of living raises in Social Security benefits is archaic and needs to be converted to average annual costs. I am an advocate for the chained CPI (C-CPI-U) but populist rhetoric and misinformation have made this a political hot potato.
With regards to skills, manpower supply, and unemployment, as long as there is high unemployment or underemployment, inflation will also be low. When we achieve full employment, whatever that is, than we can expect wage inflation to rise again.
Finally, I don't think that monetary policy has had as much effect on inflation in the United States. Certainly exchange rate fluctuations can cause the cost of imported goods and services to change and these would be reflected in the annual CPI indices. However, our country has had relative economic stability compared to Venezuela where a combination of bad monetary policies and collapsing oil prices have brought chaos to the economy.
Just some thoughts to stimulate discussion.