The 'how' both can be true is by increasing the supply and fuzzing around with the economic 'utility' of goods. Sure, today's goods and services are extremely

The 'how' both can be true is by increasing the supply and fuzzing around with the economic 'utility' of goods. Sure, today's goods and services are extremely mobile - economically viable cross country shipping is basically the norm. This enables your butcher, baker and brewer to be thousands of miles away. By increasing this supply radius, the total number of goods drastically increase, decreasing the price. A question becomes when do we 'use up' the cost savings of technology and transportation efficiencies through inflationary practices. I'd argue we just ran the greatest real world experiment with Covid, but do not even begin to have a gauge on this metric -- which would allow one to thoughtfully apply 'fiat practices' But lurking in the background is the 'utility' of the goods and services we use. Many times my well respected economist professor would say that Great Value Butter is as economically equal as any other in terms of sustenance -- which pains me. In a simple function, sautéing vegetables - there's a marked quality difference between GV and 'higher priced' brands, but I'm forced to reckon that, yes, there is buttery flavor in a dish with vegetables, so at base... they are equal. This is just a long winded way to say that people who have a diverse set of preferences will find inflation to be very real - while those who can live starkly monotone in their utility will have their inflation padded by economically efficient institutions fuzzing and redefining 'unnoticed properties' of goods and services.