Lots of liquidity has been created, worldwide, in attempts to keep people and businesses (big and small) afloat in lockdowns and/or "natural" consequences of th

Lots of liquidity has been created, worldwide, in attempts to keep people and businesses (big and small) afloat in lockdowns and/or "natural" consequences of the pandemic (e.g. reduced travel and so on, lots of industries would have seen trouble lockdown or not). Production surely did not grow in lockstep. What else would anyone expect other than prices catching up with money supply?