Broadinflation with modern currencies (e.g. not cowry shells) can only be caused by Governments with printing presses and fiat currencies - there is no other cause possible. Without the ability to debase the currency, single asset bubbles would still be possible (e.g. tulips) but broad asset bubbles would be impossible because a fixed currency would force trade offs (if you want to pay up for Tulips, fine...but you'll have less for bread).  Is there a grain of truth in the "Putin Price Hike" story? Sure, there is a grain of truth in every lie. However, they want you to believe he's responsible for broad inflation instead of specific inflation, which they know perfectly well is not true.  Even the specific inflation part is a bit of a lie. If currencies were fixed, we would have to make tradeoffs as goods from Ukraine became more expensive.