Deficits contribute to inflation over time, I believe. However, in this specific context, we had stable inflation from 1981 until the pandemic. Then we shut down the supply chains, and we know the reason why. We didn't realize how complex they are. I believe we thought we could just turn on a switch, they would all flow back in and everything would be fine.
In that instance, it was about shutting down the supply chains, but you're asking about deficits. We've seen countries—Argentina is exhibit A—let their deficits get out of control.
Yes, it can be. Friedman wrote about that.