It is the case that asset inflation has been sustained by increases in money--but with assets that's a good thing (except for people who want to have a place to live who don't already have a house that they are at least in the process of buying via monthly payments). As a result of the way the powers that be in the U.S. responded to Covid--'helicopter money'--there was an actual increase in income for a small number of people and lots of people who were not working had their incomes remain very much the same, but it was the disruption of the supply chain that caused the rise in prices in general: there wasn't anywhere near enough of an increase in incomes to account for that amount of inflation.