In the absence of a yardstick, excessive growth in money supply could potentially show up in inflationary pressures over course of time, given the monetary lags. Indeed, recent inflationary pressures across the globe are attributable, in part, to global liquidity glut.
How long it takes to move inflation back down to 2 percent will depend on a combination of continued easing in supply constraints, slower demand growth, and lower markups, against the backdrop of anchored expectations. With regard to supply constraints, a variety of indicators are showing signs of improvement on delivery times and supplies of some goods.