This is very debatable, and easily disproven - the past decade has seen enormous amounts of money printed, especially but not only in Europe, yet inflation has only started once goods and energy have become scarce. The textbook explanation you have in mind is, if not disproven, severely incomplete.
We have had massive Chinese growth for the last 50+- years which has kept inflation mostly under control with consumer countries implementing quantitative easing (printing money).
Anyway just wait and see what happens, I hope I am wrong.
