I'm not sure a distinction really matters at this point. Supply chain issues are complex and not within the direct control of policymakers. The money supply,

I'm not sure a distinction really matters at this point. Supply chain issues are complex and not within the direct control of policymakers. The money supply, on the other hand, is. "Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output" -Milton Friedman