As can be seen, the average inflation rate grew through the 1960s and 1970s, then dropped steadily thereafter.  The rate of growth of the M1 money supply increased more or less steadily throughout the whole period.  During the period when the inflation rate was growing, the money supply growth rate lagged significantly.  By the 1990s, the inflation rate had dropped to its lowest level in 30 years, while the money growth rate reached its highest level, and in fact exceeded the inflation rate.

M1 represents transaction money, consisting of checking accounts and cash held by the public.  One must conclude that whatever the causes of inflation during this whole period, an excessive growth rate in the M1 money supply had little or nothing to do with it.