That's a basic understanding of inflation that is taught to children in elementary school, but it's not correct as I've explained to you earlier. Also people don't set prices or wages from the money supply for the simple fact that pretty much nobody knows how large money supply is compared to their good or service or what the price of wage should be compared to the money supply.
In fact it's entirely divorced from the money supply which we can see an example of in the rampant price increases of property which haven't followed inflation but rather increased unproportionally fast.
I love this guy! He has made so many more insightful videos about similar topics.