This proposed explanation is a myth. Profits - often created through the use of investing cheap money (and therefore the creation of more money) - drive inflation. Wages do not. OECD have shown this to be the case thanks to the recent handy experiment in the form of a pandemic arriving after a period of quantitative easing and very low interest rates in the UK.

There are various things that go into inflation, and wages are only a small part of it. Wage price spirals are very unlikely and have not been demonstrated. Wages are not 100% of the cost of products, so even if companies directly increase product prices exactly by labor cost increases, the product prices would not increase by as much as wages did.

More likely causes for system wide inflation generally lie in limited substitution options for people. If they have to buy from limited options, either because of a lack or supply or because of monopolistic behavior, prices can be jacked up as undercutting is of no concern. This can happen both at the finished products level, or somewhere in the chain. E.g. the cost of gasoline goes up due to lack of alternatives and since it is used by companies making and transporting many types of products, prices go up everywhere.