The American educational system seems to ignore the rest of the world. When I lived in the US, the stupid questions I used to get about 'living in wilderness' were stunning. Canadians and Europeans know lots about what is happening around the globe. So do many of the educated in South America, etc. But in certain countries; Russia, China, the US - the world seems to stop at the border. So no, they don't understand inflation as a global phenomena. No, they don't understand that business interests help drive inflation.
I know I will be slagged for this comment but I have lived in Canada, the US, Africa, Asia and South America so I would possibly know more than those people who have never lived outside their country. Sure everyone has been on vacation but that is not the same thing.