Inflation can occur from (A) more money, or (B) a shortage of goods/services, including (C) timing skews of demand for goods/services.
While one can certainly argue that (A) is a contributor to the current inflationary situation, it's also hard to deny (B) and (C) as well.
There is a difference between supply/demand imbalances that cause inflation in certain goods and services and excessive money which inflates most everything. It seem we have a bit of the former and a lot of the latter.
Any circuit design must contain at least one part which is obsolete, two parts which are unobtainable, and three parts which are still under development.