Okay so I make metal flowers right? A year ago it costed me $5 to get 5 tips for my plasma cutter, it now costs me $25 to get the exact same tips. Why? Copper shortages. What does that have to do with anything? Partially to blame is the pandemic had a very real effect on the amount people were expanding industries, or willing to continually spend on frivolous things so people's mindsets changed from spend to survive and enjoy to spend to survive. People generally stopped spending as much because they weren't working, or they or their family were sick, or weren't working to avoid becoming sick or a variety of things so due to less spending there just isn't as much cash and materials circulating which raises prices as people hold on to what they have and brace for the worst but the fact of the matter is the markets a very tough thing and it will recover in time and then fall again etc,

Tl:dr- pandemic makes people not spend, not spending makes prices go up