What would it take for money creation to lead to inflation?

In the last 30 years, even strong monetary creation has not led to inflation in OECD countries. This is due to: The factors that have weakened inflation: the skewing of income distribution against wage earners, competition from emerging countries, digitisation; The fact that money has become mainly investment money in the context of portfolio choices and no longer transaction money, which weakens the link between the money supply and the value of income. What would it take for money creation to bring back inflation? It would require both: A deterioration in the supply situation, which would lead to additional demand becoming inflationary; The additional money supply leading to increased demand for goods and services, and not only increased demand for financial and real estate assets, which may be more the case when monetary creation corresponds to public transfer payments to households.