Just wanted to add, if all else is held equal amount those factors, growth in gdp, without and subsequent changes in the money supply or velocity, would lead to deflation.
consumer price level should be proportional to Money supply × velocity ÷ (real GDP + value of net consumer imports)
Price Level = Money Supply * Velocity / Real GDP
If you improve real output without an increase in money supply or velocity, things'll get cheaper.
consumer price level should be proportional to Money supply × velocity ÷ (real GDP + value of net consumer imports)