Not quite: At least in the US, CPI increases are lead by gasoline, which drives up the cost of everything else. And fuels prices are up due quite a bit because

Not quite: At least in the US, CPI increases are lead by gasoline, which drives up the cost of everything else. And fuels prices are up due quite a bit because demand has increased as society reopened while a whole bunch of oil producers went bankrupt when society shutdown and no one was going anywhere. The other leader in CPI is from cars, which also have a supply-side bottleneck unrelated to government bailouts. Supply chain issues in other areas are also contributing to price increases. I'm not saying that government money isn't having any impact, but if you look at where the price increases dominate, there are reasons that explain price increases much more fully.