Higher inflation is being experienced in the meantime.
But modern first-world central banks have a mandate for low inflation.
That is why they put most new money into the system as loans, borrowed money. Loans have to be paid back. The money does not stay in the system.
So why is higher inflation happening in the meantime? What is going on?
A main reason for the current inflation is the sheer amount of borrowed money being put out by the central bank to support the system since the big illness broke out.
There are some other things going on too.