What Is Inflation and Why Does It Happen?

I want to start with some basic definitions because economics is really unclear to a lot of people. The kind of classic textbook definition you'll find if you're in a kind of econ 101 class is that inflation is a case of too much money chasing not enough goods. Inflation would be more like you see the prices of a general basket of goods ranging from the gas you put in your car to the food you buy at the supermarket. But what affects the price of oil, right? And if you think about that, the answer to the question has to do with the political relationships between oil-producing countries and major oil companies which are headquartered in the Global North.