Inflation is generated as a product of primarily two components: quantity and velocity (Velocity of money).
There are also other factors, like aggregate demand, commodities constraints, demographics, etc. At the same time, there is a level of indirection between Feds actions and prices of goods -- the printed money are not directly acquiring goods but buying bonds.
Money have different manifestations: from money in your pocket, to deposits, and assets in general. What was most confusing to me and the hardest to untangle in my mind was that money are used as a mean of exchange as well as a measure of wealth.
Japan is printing money and still having deflation, use this as an example in trying to understand that link between money supply and inflation is not very simple at all.