Op, while inflation is usually associated with increasing stocks, it's not always the case. There's a correlation, but it doesn't always work, it seems. For example, the stock market and the economy famously crashed in 2007 and 2008. It's no secret that the US played the key part in it, but if you look at the
inflation rate in 2007 and 2008, it was actually quite high.
If you look at, say,
S&P 500, the market already crashed pretty hard in 2008, but the inflation rate was still high. Then, of course, it crashed further in 2009, and the inflation rate dropped a lot as well, but there was still a period of time when one didn't go in line with the other.
You are correct, though, that inflation and stocks currently seem synchronized, but it doesn't mean that it's always the case, I think.