Money printing has clearly caused asset price inflation, which...

Money printing has clearly caused asset price inflation, which is rationale because if cash has just been "stockpiled" it will force interest rates lower which in turn increases the present value of future cash flows/ rents, which in turn increases share/house prices today.

However, asset price inflation is different to traditional inflation which increases the value of goods and services, including commodity prices. Inflation is when people run into shops, panic buying goods and services today before prices increase tomorrow, not buying Apple shares.

I am not saying genuine inflation will not result from all this money printing, I am just saying there is more to obtaining inflation than just printing money. Reserve banks around the world have stockpiled inflation fireworks for decades, on an unprecedented scale, by printing all of this money... but it seems to be society/everyday people/animal spirts that ignites the fireworks, not central banks.

Perhaps COVID, the demand response post COVID and resulting price increases will trigger those animals spirts and lead to a genuine cycle of inflation, but I don't think anyone can foresee it, it's just a human spirt thing, but certainly the risk is there as a result of money printing if that money starts to be utilised.