The sum of the money supply in 2H2020 and 1H2021 is similar to the money supply in 1H2020, so I don't think the fact that inflation kicked in 2H2021 makes your

The sum of the money supply in 2H2020 and 1H2021 is similar to the money supply in 1H2020, so I don't think the fact that inflation kicked in 2H2021 makes your case. Also note the money supply was higher in 2H2020 and 1H2021 than in the semesters previous to 1H2020. Besides there's no contradiction in inflation lagging an increase in money supply. In addition, wage growth not being high doesn't prove money supply didn't contribute to inflation. Inflation and wage stagnation can happen. > Money supply growth probably has some impact on deflation not happening two years ago Similarly to my first comment, this needs to be backed, you're simply stating it.