False: Inflation in the U.S. is soaring as a result of printing more U.S. dollar bills in the past 22 months.

Rising inflation in the U.S. is caused by supply chain disruptions and pent-up consumer demand for goods. Inflation has soared in the U.S. and elsewhere at a time when Russia's war against Ukraine continues, and the COVID-19 pandemic has waned. It reached a record level of 8.5 percent in March 2022, the highest in the last 40 years, propelled by increasing gas, food, and housing costs. Posting a picture of U.S. federal officials, a user tweeted that the current inflation will not ease soon as 80 percent of U.S. dollars were printed in the last 22 months. Similar claims have surfaced referring to the FRED's M1 graph. This contains the most current money supply data, and shows that about 40-80 percent of current U.S. dollars were printed after 2020. However, the claim is false. The sharp increase in money supply, something called M1, is baseless. M1 measures the number of dollars circulating and held in various bank deposits and other investments. As seen in the M1 graph, the considerable jump is due to an accounting rule change that shifted money from savings accounts to checking accounts. The FRED blog post mentions that there will be a substantial increase in the new M1 value and a break in the time series after the changes are incorporated. According to Economists, inflation occurs due to money's supply and demand imbalance. This has been exacerbated due to the COVID-19 pandemic and the Russian invasion of Ukraine. The rise in energy, food, and commodity prices has continued due to supply chain disruptions and other problems associated with businesses reopening as the pandemic has waned. A sustained monetary policy response will help to ease the current runaway inflation. Prices are expected to increase until wage growth picks up. Soaring inflation prompted the Federal Reserve to raise its key interest rates for the first time in the last three years. Other policy measures that the government can take include fixing the exchange rates and price-setting measures.