According to economic literature, inflation is one of the important economic issues in developing countries and monetary policies are known to be an effective factor in the increase in the general level of prices (inflation). In other words, inflation is a monetary phenomenon. Although all empirical studies have proven that expansionary monetary policy plays an important role in causing inflation, there is no mention of the type of money in causing inflation. In this regard, this article examines the effects of liquidity components (M1, M2, and the monetary base) on inflation using seasonal time series data from 1998:3-2025:3 and using the time-varying parameter method (TVP_VAR), which is one of the modern econometric methods for examining the effects of different variables under different structural failures. The results of this study show that the monetary drivers of inflation have evolved over time, shifting from the short-term influence of the money supply toward the more dominant and persistent roles of the monetary base and liquidity accumulation.