You missed my point. A x% increase in monetary inflation does not necessarily lead to x% increase in prices. Sometimes markets take that money supply and erase it from the planet. How many billions of dollars have been subtracted from the economy from falling house prices. How many trillions were subtracted from the economy during the dot-com bust.
In a steady-state, closed-cycle, perfectly efficient model monetary inflation translates 1:1 to price inflation. However, the real world is dynamic, not closed and not perfectly efficient.
