Apart from the boom of the late 2000s, and arguably the period around the 2013 taper tantrum, the inflation-targeting era has not featured many episodes of overheating. Instead, we often have to think about managing sticky inflation as we confront multiple supply-side shocks in the context of subdued economic growth or slack in the economy.
Very few countries, to my knowledge, currently face pure demand-side inflation. But there are, across the world, variations among different economies that have different implications for their monetary policy response. I would distinguish two sets of countries. In the first category, inflationary pressures reflect both demand and supply factors.