Simple smell check whether eurozone inflation is caused by demand

Putting all the arguments aside, do the results for euro zone inflation decomposition pass simple “smell check”?

Consider using comparison between US and euro zone as one such simple smell check. The idea is straightforward. I think following comparative statements are not contentious:

• US aggregate demand is much “hotter” then euro zone – especially on the goods side, but also more broadly. To see that we only need to compare the change in GDP relative to pre-pandemic level, and especially the change in goods consumption.
• US had significantly more fiscal (and maybe monetary) stimulus than euro zone. Simple comparison of total fiscal expenditures during the pandemic period suffices to make this point.
• US had significantly smaller energy and food shocks, implying smaller indirect effects on rest of CPI. Again, comparison of the market prices for electricity, natural gas, food commodities make this clear.

All of these should mean that the US inflation should be significantly more about demand than supply compared to euro zone inflation. Is this what we conclude using the methodologies discussed in previous post? Surprisingly, no. For both US and euro zone, roughly half of core inflation is accounted for by demand-driven inflation:

I would call this a simple smell check, and one that the methodology does not pass. This can mean one of several things, but personally, I would argue that this suggests what I argued in previous post: that euro zone inflation is much less about aggregate demand issues than what some people argue.