Does present inflation caused by M2 money supply growth

We have heard much about recent U.S. inflation with comparisons to the 1970s inflationary, but the concern might be overly exaggerated, here is why;

The chart below shows the annual growth in money supply (M2 Money Stock M2SL) since it was start tabulated from 1960 to 2008 obtained from "Economic Research - Federal Reserve Bank of St. Louis."
< http://research.stlouisfed.org/fred2/ >

It was noticed that in 1970s there are two double digit growth in money supply, another similar money supply growth in 1980s and also a spike in 2002. Each of these leads to recession in the following years.

If inflation is a monetary phenomenon, and to the extent that it is related to the growth of M2, inflation in the levels of the 1970s are unlike to occur because there just hasn’t been enough money supply growth to make it a reality.