Inflation is measured by looking at basket of goods. If you increase money supply, but replace expensive goods in the basket with cheap imported goods, inflatio

Inflation is measured by looking at basket of goods. If you increase money supply, but replace expensive goods in the basket with cheap imported goods, inflations stays low. It is not to say there are no effects on the economy. I.e., lower priced goods don't counteract the effects of increased money supply, they counteract the effect of increased money supply on the measurement of inflation.