Money supply is always net increasing, but what the increasing supply gets spent on determines where increases in prices occur. Parking it in assets for long periods means it's not placed in demand for everyday things but causes an increase in asset prices. The "excess" inflation after plandemic money handouts was because it got circulated into buying actual things, versus the typical way money is handed out that gets parked in assets with the goal of sucking in more money in the form of rents and high interest, ie usury.
Economics is mostly alchemy and lies because the forcing function calculation ultimately being made is determining distance to the money spigot