Demand-Pull Inflation

increase in prices due to demand for merchandise and services which exceeds their supply

Demand-pull inflation arises when aggregate demand in an economy outpaces aggregate supply. It involves inflation rising as real gross domestic product rises and unemployment falls, as the economy moves along the Phillips curve. This is commonly described as "too much money chasing too few goods". More accurately, it should be described as involving "too much money spent chasing too few goods", since only money that is spent on goods and services can cause inflation. This would not be expected to persist over time due to increases in supply, unless the economy is already at a full employment level.
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Noun
1. inflation caused by an increase in demand or in the supply of money
(hypernym) inflation, rising prices

A theory of inflation or price increases resulting from so called excess demand. Related: cost-push inflation.