I wasn't aware of that discrepancy, but it makes sense to me. During Covid income was supplied to individuals and businesses without the concomitant production of goods/services. That income was in the form of money (as currency) created for that purpose ['currency' being money created for the central bank or central government to use for their purposes (accounted for by a shuffling of 'assets')]. It has since undergone multiplication in the form of income, as all money supplied to the economy does--and unlike money created when banks issue loans, currency is not returned to its point of origin to be 'destroyed': it is immortal money. It was that money-as-income added to the economy in the face of shortages of supply that set the stage for the burst of inflation that followed.