[rjsamson]

You're sort of correct, in that inflation and the money supply can often be related, but generally one would not use the term "inflation" to refer to an increase in the money supply.

In simple terms though, as the money supply increases, the value of the currency decreases, causing prices to rise (inflation) - but there are too many other factors to count that affect prices and its not always as simple as supply goes up -> prices go up.

Where I think there may some disagreement is around how prices are recorded and tracked - the methodology behind the calculation of whichever price index is being referenced. The number used to determine real inflation excludes the prices of fuel (oil) and food since both numbers depend heavily on speculation and a number of other factors outside of "inflation".