Ding ding ding. We have a winner. It also really matters which people get the money. For example: we printed gazillions of dollars after the 2008 financial crisis, but "inflation" was super low that whole time. What happened? We gave that money to banks and owners of financial assets, so the stuff that they buy more than others was what got inflated aka houses and startup equity (yes, your startup equity!) and the stock market and yachts and stuff. In 2020 we gave a bunch of money either directly to every individual or to their bosses to give to them, so a different set of things got inflated. What do wage workers buy more of with their money? Groceries et al. Home rental prices are through the roof, but home purchase prices are not. My guess is we see home price deflation (or at least lower-than-otherwise inflation) unless interest rates start getting cut again, which they will probably do because the people that get to influence and make that decision all benefit financially or politically from cutting those rates, but I digress.

So my (old, bachelors) degree in econ gives me a story that makes sense, but surely a more recent or grad-level or professional economist can probably point out all the ways I'm deluded. One of my physics teachers once told me that every year they start by telling you that everything you learned last year is a gross oversimplification and now they're going to teach you the way it "really" works.