[devttyeu]

Kind of both? If I were to come up with a formula, I'd say 'prices = GDP / SupplyOfGoods', where GDP is just 'MoneySupply * MoneyVelocity'.

If supply goes down, prices go up. If money supply grows, prices go up. If money velocity (number of times money changes hands in a given period) goes down, prices go down, etc.

(It's worth noting that in 2020 when money supply exploded, money velocity fell by a lot, which is why GDP fell, and why there wasn't that much inflation)

edit: s/inflation/prices/