Inflation only correlates with money supply growth if there are real resource constraints, otherwise you just get new businesses and services. Also people also tend to save more when they can, which takes money out of circulation.
That's one possibility, but it depends a lot on where the money gets injected and where the inflation happens. If it balloons real estate prices before wages catch up, you don't necessarily get that growth of investment into productive areas. Instead it gets more expensive and riskier to start a business, with higher rent payments, and meanwhile a lot of asset-owners retire on their newfound wealth. It gets harder to convince lenders and investers to put money into real production when speculating on land and collecting rents starts getting such good consistent returns.
When there is inflation, nobody can save anything, because the value of any savings decreases too quickly.
Everybody who has made prior savings loses them, unless they predict the inflation and buy something valuable, like real estate, with all the money they had.
As long as there is excessive inflation, any money earned must be spent immediately, before losing too much value. For ordinary people and small businesses this makes it very difficult to buy expensive things, because it is hard to save money for that and credits may become too risky.
What about the labor market? Where are you getting more workers given unemployment is extremely low and the current administration is against immigration?
That should lead to salary increases which could lead to inflation.
