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A moment's consideration would show that's too simplistic. Money available has been growing for years without any notable inflation. It's not like we all rush out to spend every bit of income we have, a fair amount gets saved which effectively neutralises it.

<Money available> is a simplification, yes: https://en.wikipedia.org/wiki/Money_supply

A lot of the extra money was being plowed into real estate or the stock market, preventing inflation from happening elsewhere outside of the real estate or stock markets. Interest in saving accounts was too low for the money to just be saved.

So has the goods available. I suspect China's ability to manufacture cheaply and in huge quantities has masked a lot of the increase in the numerator.

Hate to be pedantic, but goods and services.

Seems like correlation more than causation. There could be plenty of money available but fearful people do not want to spend it.