Yep, that’s what it largely seemed to be after all. So many people in swing states were interviewed where they sheepishly said that they voted for Trump because things were more expensive now (as if he’s going to magically fix that). But yes, it appears the incumbents were at a huge disadvantage because of how the pandemic affected inflation.
The thing I find strange about it is that every other developed country also experienced similar post-pandemic inflation, and our numbers actually look better than most of those countries. But I understand that it became an easy target for republicans, and the electorate took it hook, line, and sinker.
Democrats now have to regroup and do what they should have done 4 years ago: find a young candidate that is going to check all of the boxes that pre-dementia Joe checked, to win support in the blue wall states.