The 2024 Republican platform promises that, if Donald Trump returns to the White House and Republicans gain complete control of Congress, they will reduce inflation. The platform contains some proposals, such as reducing regulations and extending the 2017 tax reductions, that may help lower prices in some sectors and spur economic growth. However, the GOP platform does not address how the Federal Reserve’s enabling of spendaholic politicians contributes to price inflation.
Source: Republican Platform Ignores Real Causes of Inflation
Increased prices can have numerous causes. For instance, actions taken by governments around the world during COVID greatly increased supply chain related costs. However, when prices are rising broadly across the board and at a faster rate than is typical, you have to look at broader causes as well.
Literally, inflation is an increase in the money supply. I.e., the money supply is being inflated. More money in circulation (in one form or another) will generally mean it is worth less. In part this is because supply cannot respond instantly to increased demand brought on by more dollars. So then the question becomes, how to so many more dollars get "circulated"? The answer lies primarily with government.
If you look at a chart of government spending over the past several years and a chart of inflation, you will notice strong similarities. The fact of the matter is that government spending makes up something like half the economy. When government massively increases spending, it puts more money into circulation because it generally accomplishes this spending via borrowing and debt vs. increased tax collection. I know that people who complain about government spending often sound like the boy who cried wolf but the relationship between massive increases in government spending, especially since COVID, and huge increases in inflation can't be ignored. Unless of course you are a politician. Neither major political part wants to do anything about it beyond lip service.