Financial Markets have been whipsawed since mid-December, with the new Omicron coronavirus variant sweeping the globe. As the global economy has rebounded from the impact of the coronavirus pandemic, inflation has risen faster than many central bankers expected, driven by soaring energy prices, resurgent demand, delays in the delivery of goods, and shortages of materials and products. (Lin See-Yan, 2021).

You are required to elaborate the above statement, pertaining to the critical issue of inflation. (12 marks)