When you consider the slow reaction of the economy, the money supply and inflation do track fairly well. It is not like if the money supply goes up today that inflation will also go up today. If the money supply goes up today, you wouldn't expect to see to see an inflation reaction for quite some time.

Hell, look at how long it took grocery stores to react to the aforementioned food crisis. Us on the farm saw the price of food we were selling double (or even more) from the price norm early in the crisis, but it took another year or so before the consumers of that food started complaining about how much grocery stores were charging. Things happen very slowly.

Indeed, the money supply has been stable for a while, only veering of track for a short time, but inflation is also now stabilizing and only veered off track for a short time.