I don't claim to know the full causes of the current inflation issues, but inflation can also be caused by a reduction in productivity, not just by an increase in money supply.
There needs to be a reduction in productivity while everyone magically staying at the same income levels though to keep demand high.
The rapid increase in just human labor prices seems to indicate that money is making it to people somehow because COVID didn’t kill enough of the labor force to have that kind of effect.
