Because inflation is caused by more than money supply: * https://en.wikipedia.org/wiki/Money_supply#Link_with_inflation https://en.wikipedia.org/wiki/Money_sup

Because inflation is caused by more than money supply: * https://en.wikipedia.org/wiki/Money_supply#Link_with_inflation https://en.wikipedia.org/wiki/Money_supply#Link_with_inflati... It is also related to (at least) the velocity of money: * https://en.wikipedia.org/wiki/Velocity_of_money https://en.wikipedia.org/wiki/Velocity_of_money Which has been declining in the US for a decade or two, and which has dropped off a cliff since the pandemic started: * https://fred.stlouisfed.org/series/M2V https://fred.stlouisfed.org/series/M2V Further: "inflation" can mean many things. A rate of 20% would be very annoying, but a rate of (say) 5% would be manageable. Runaway inflation is more generally caused by a political system that has collapsed ((civil) wars) or mismanaged (Zimbabwe).