"however in the short run, we can expect credible links between the stock of money supply and inflation. "

Don't confuse inflation and price or you'll find yourself mired down in false assumptions and gold standard logic that no longer applies, such as the existence of IS-LM or "market-driven" interest rates.

It is not possible to create "inflation" with a sovereign fiat currency until all stocks of material and labor, including imports, are deployed by spending and money is created on top of that. It is, and always will be, probable that supply shortages will drive "price" higher when they occur, but the market, sans any monopoly or patent influences, will correct those as soon as supply becomes in excess of demand again.