[Workaccount2]

>(a decade before Covid)

You are aware that the increase in money supply from 2020 to 2022 is about the same as the increase from 2010 to 2020, despite ~45% lower GDP growth?

https://fred.stlouisfed.org/series/WM2NS

[paulmd]

that’s actually OP’s point, which you missed - CPI change is different from money supply change. They are related and often move together but CPI can technically go up even if money supply goes down, if the demand for money increases.