I use the terms "supply inflation" and "price inflation" to distinguish them. The relation between supply and prices is also influenced by velocity, which has

I use the terms "supply inflation" and "price inflation" to distinguish them. The relation between supply and prices is also influenced by velocity, which has been swinging wildly at least for the dollar. Velocity suddenly went low in Q2 2020. That means people are holding on to their USD more, and therefore the value of USD goes up. So, in spite of supply inflation going up, velocity crashed, which means price inflation was close to nothing during 2020. IF velocity picks back up, we will see price increase, but if not, then no. This depends on how much people want to spend versus save, and not as much on central banks. And people tend to suffer from the bandwagon effect, and that is how we get business cycles.