Indeed, what we are taught about inflation is completely wrong. Inflation has little to do with money printing. If I print a million for each citizen, and they each hide that million under their mattresses, will they be inflation? No. Inflation is a consequence of demand being superior to supply. As such, it does not have as much to do with the amount of money that there is in the economy as it has with what that money is spent on. The government can print as much money as they want, but if the money is not spent....there won't be any inflation. And when businesses are closed during a lockdown and the money is not spent, prices don't increase, BUT DECREASE.

Inflation is a consequence of money spent in the economy. When the demand for a product is superior to its supply, the price increases and inflation happens. When the demand for a product is inferior to its supply, the price declines, and it is deflation.

INFLATION AND DEFLATION ARE NOT LINKED TO THE AMOUNT OF MONEY PRINTED, BUT ARE LINKED TO THE AMOUNT OF MONEY SPENT IN THE ECONOMY.