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.
> Us on the farm saw the price of food we were selling double (or even more) from the price norm early in the crisis
Because conglomerates (ex. Tyson Foods) were upping their prices as shown by gross margins of 10% increasing to 15% [1].
> 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.
Uh. More like immediately people complained; just throw a max date on a web search [2] and you'll find them readily.
I can't speak to your own personal anecdotes. But the price of eggs has been talked about ad nauseam since start of covid.
Did they? You seem to only be able to go back to 2021, whereas I was seeing substantial gains in the price of food I was selling on the farm as early as 2019, thanks to another devastating (albeit less so) crop failure.
It is not like the price was $x one day and then $x*2 the next. It ramped up over time. Just like the price of groceries did, albeit on a later timeline.
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.