Supply shock and inflation

TS Lombard macro: "Supply shock and inflation: the shock from shipping costs is a worry, especially if it continues. The main pressure will show up in the second half of the year. But this type of inflation is destructive of demand, which already will have weakened further by this stage. The place where passthrough is most likely is the US, where households still have money to support demand, but even here, this will likely be running out by the time the shock would hit the high street."