Vision-language models (VLMs) have revolutionized machine learning by leveraging large pre-trained models to tackle various downstream tasks. Although label, training, and data efficiency have improved, many state-of-the-art VLMs still require task-specific hyperparameter tuning and fail to fully exploit test samples. To overcome these challenges, we propose a graph-based approach for label-efficient adaptation and inference. Our method dynamically constructs a graph over text prompts, few-shot examples, and test samples, using label propagation for inference without task-specific tuning. Unlike existing zero-shot label propagation techniques, our approach requires no additional unlabeled support set and effectively leverages the test sample manifold through dynamic graph expansion. We further introduce a context-aware feature re-weighting mechanism to improve task adaptation accuracy. Additionally, our method supports efficient graph expansion, enabling real-time inductive inference. Extensive evaluations on downstream tasks, such as fine-grained categorization and out-of-distribution generalization, demonstrate the effectiveness of our approach. The source code is available at https://github.com/Yushu-Li/ECALP.