4. The chart below shows that inflation has been rising in the United States, Euro area and Japan since the beginning of 2021. Discuss some reasons behind this trend. Inflation - Advanced Economies* Year-ended % 5.0 5.0 US Euro area 2.5 MV 2.5 0.0 9 0.0 V Japan -2.5 -2.5 -5.0 -5.0 2006 2010 2014 2018 2022 Personal consumption expenditure (PCE) inflation for the US Japan data excludes the effects of the consumption tax increase in April 2014 Sources: RBA, Refinitiv