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That's some big inflation
(files.catbox.moe)
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this post was submitted on 02 Mar 2024
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The symptom of inflation is the general increase in price of everything.
Inflation is growth in the monetary supply.
(Also velocity of money but that I'd never discussed, let alone measured.)
Inflation is not growth in the money supply, money supply is one way that inflation can occur, but the basis of inflation is the increase in nominal costs of everyday prices.
It is caused by this.
And the other is a reduction in quantity of goods and services.
No, that is the result of inflation, not the basis (reason).
And supply shock, and wage growth, and tons of other things. You literally said "inflation is an increase in the money supply"
Again, you are giving examples of price changes in specific goods, not inflation.
Supply shock - is specific to the asset experiencing the shock. This is not inflation.
Wage growth - the specific asset here is human capital.
Inflation is when all prices increase, or equivalently, when the buying power of the fiat currency reduces. I.e. when more money exists than there was before.